Buy alert These stocks are poised to be added to the SP 500
Being included in major stock market indices such as the S&P 500, Nasdaq 100, and the Dow Jones Industrial Average (DJIA) can have a significant positive impact for companies, providing increased visibility, better media coverage, and more inclusion in index funds. To ensure that the indices correctly reflect the state of the economy, they are periodically rebalanced, and the next one to be adjusted is the S&P 500, scheduled for after the markets close on Friday, June 21. Given the impact of the changes, Finbold decided to take a look at the stocks likely to benefit from them this quarter.
KKR & Co (NYSE: KKR), a global investment company involved in various sectors, including energy, real estate, and infrastructure, is the first of the three companies to be added to the index. KKR recorded a significant 99.10% stock price increase in the last 12 months of trading, with its market capitalization surging from $73.64 billion at the end of 2023 to $101.46 billion in June 2024.
CrowdStrike Holdings (NASDAQ: CRWD), a technology company primarily operating in cybersecurity, is the second of the three firms scheduled to be added to the benchmark index. The company recorded an impressive 160.91% stock market rise in the last 12 months as its market cap rose from $61.31 billion to its press time value of $92.99 billion.
GoDaddy Inc (NYSE: GDDY), an internet domain registry and web hosting provider, is the smallest of the three to be added to the S&P 500 index in June 2024. While it boasts a relatively modest market cap of $19.43 billion, the company has been recording significant growth. The valuation of the company rose by $5 billion in less than 6 months, with GDDY shares climbing 89.64% from $72.57 to their press time price of $137.62 over the last 52 weeks of trading.
The three firms are set to replace Robert Half Inc (NYSE: RHI), Comerica Inc (NYSE: CMA), and Illumina Inc (NASDAQ: ILMN) in the S&P 500, companies with respective market caps of $7, $6, and $18 billion.
