Marathon Digital Shares Soar 16% as Stock to Join S&P Small Cap 600
$Marathon Digital(MARA.US$ shares soared about 16% after S&P Dow Jones Indices announced last Friday that the stock will join the S&P SmallCap 600 index effective May 8.
Joining an index boosts the appeal of the stock since many funds mimic the composition of such indices, when they adjust their portfolio. Exchange-traded funds that track the index also made adjustments to their holdings according to the latest changes in the gauge.
Marathon will replace $AAON Inc(AAON.US$, which will then move to the S&P MidCap 400 Index to take over the slot of $Vistra Energy(VST.US$, according to S&P Global's press release. Vistra will be moving to the S&P 500, taking the place of Pioneer Natural Resources, which was acquired by $Exxon Mobil(XOM.US$.
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Former editor at Bloomberg, then Lazard Asset Management. Posts aren’t investment advice. Views are just mine.
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