App Lovin and Hood finally make the S&P 500

quote:

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Shares of advertising technology company AppLovin
and stock trading app Robinhood Markets
each jumped about 7% in extended trading on Friday after S&P Global said the two will join the S&P 500 index.

The changes will go into effect before the beginning of trading on Sept. 22, S&P Global announced in a statement. AppLovin will replace MarketAxess Holdings
, while Robinhood will take the place of Caesars Entertainment
.

In March, short-seller Fuzzy Panda Research advised the committee for the large-cap U.S. index to keep AppLovin from becoming a constituent. AppLovin shares dropped 15% in December, when the committee picked Workday to join the S&P 500. Robinhood, for its part, saw shares slip 2% in June when it was excluded from a quarterly rebalancing of the index.

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