: Palo Alto Networks promoted to S&P 500, replacing Dish Network

: Palo Alto Networks promoted to S&P 500, replacing Dish Network
By: market watch Posted On: June 02, 2023 View: 85

Shares of Palo Alto Networks Inc. rallied in the extended session Friday after S&P Dow Jones said it would include the cybersecurity platform company’s stock in the S&P 500 index.

Palo Alto Networks PANW, +0.21% shares surged as much as 5% in after-hours trading, following the announcement that Palo Alto Networks will replace Dish Network Corp. DISH, +16.24% on the S&P 500 SPX, +1.45%. The move will happen June 20, following the Juneteenth holiday on June 19, in a quarterly rebalancing of the index.

Palo Alto Networks, which recently reported earnings and sees AI transforming the software industry over the next 12 months, has seen its shares rally 55.7% year to date, resulting in a market cap of $66.44 billion. The S&P 500 has gained 11.5% on the year.

Read:Palo Alto Networks, software industry to undergo AI ‘transformation’ over next 12 months, CEO says

Dish shares declined nearly 3% after hours after being demoted to a different S&P index. Shares experienced a 16.2% rally in the regular session Friday, following a report that Amazon.com Inc. AMZN, +1.21% is in talks to offer mobile phone service free to Prime members.

Dish will replace skin-care device maker Cutera Inc. CUTR, +1.12% on the S&P MidCap 400 index MID, +3.27%, S&P said, noting that the changes are to “ensure each index is more representative of its market capitalization range.” Dish shares have fallen 48% this year, resulting in a market cap of $3.89 billion.

Read: Verizon’s stock sinks to 12-year low while Dish’s soars after report Amazon is in talks to offer mobile plans for Prime members

After rising 1.1% to close Friday at $17.15, Cutera shares fell more than 5% after hours. At Friday’s close, shares were already down 61.2% year to date as the company has undergone a leadership shake-up, giving the company a market cap of $340 million, according to FactSet data.

Read: Cutera stock slides after earnings; company appoints interim CFO, reaches board deal with big investors

Other changes to the S&P’s smaller cap indexes also set other stocks into after hours motion late Friday.

Shares of Planet Fitness Inc. PLNT, +0.92%, Zoominfo Technologies Inc. ZI, +2.08%, Doximity Inc. DOCS, +4.69%, and BWX Technologies Inc. BWXT, +2.49% moved 4% higher after hours Friday as S&P moved the stocks to its midcap index.

Meanwhile, shares of Crown Holdings Inc. CCK, +3.98%, Dropbox Inc. DBX, +2.11%, Graphic Packaging Holding Co. GPK, +3.48%, and Wesco International Inc. WCC, +7.23% all rose at least 2% or more on their midcap inclusion.

Shares of CarGurus Inc. CARG, +1.99% surged 6% after S&P said it would add the auto research and shopping site to its S&P Small Cap 600 index SML, +4.06%.

Shares of PetMed Express Inc. PETS, +3.24%, Children’s Place Inc. PLCE, +9.05%, and Zumiez Inc. ZUMZ, -1.46%, Gannett Inc. GCI, +2.74% and LendingTree Inc. TREE, +7.89% all fell more than 3% late Friday on their scheduled removal from the small-cap index.

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