Reddit is joining the S&P 500 with its stock down 31% this year
The index provider announced the change on 13 August, in a release issued at 18:12 in New York.
Reddit enters under the Communication Services sector. It trades on the New York Stock Exchange as RDDT.
A second change follows two days later. Sun Communities replaces Webster Financial in the S&P MidCap 400 on 20 August.
The seat opened because a landlord got bought
This is an off-cycle change, and the reason matters. Equity Residential is acquiring AvalonBay Communities, and the deal is expected to complete soon.
The combined company will be renamed Vivmark Residential and will keep its place in the index. So one S&P 500 constituent absorbed another, and the vacancy went to Reddit.
Webster Financial leaves the MidCap 400 for the same kind of reason. Banco Santander is acquiring it.
Reddit did not grow into a slot that was waiting for it. Two mergers created the openings, and...
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