Apollo Global Management Inc. has been added to the S&P 500 index, joining Blackstone Inc. and Workday Inc. The companies will replace Qorvo Inc. and Amentum Holdings Inc., effective before trading opens on December 23.
The move comes after Apollo’s shares rose over 25% following the company’s report of $1.13 billion in adjusted net income, beating estimates. This lifted its market value to $100 billion, making it one of the largest US companies eligible for inclusion in the index.
Shares in both Apollo and Workday increased significantly following the announcement. Bloomberg Intelligence projects Workday can sustain 15% annual growth over the next three years.
The S&P 500 includes only companies with a market capitalization of at least $18 billion that meet profitability, liquidity, and share-float standards. Inclusion in the index can elevate a company’s profile, while expulsion can weigh on stock prices due to passive investment funds selling shares.
Source: https://finance.yahoo.com/news/apollo-workday-join-p-500-222147656.html