Super Micro Computer, Deckers Outdoor And Other Big Stocks Moving Higher In Monday's Pre-Market Session
Portfolio Pulse from Avi Kapoor
Super Micro Computer, Inc. (SMCI) and Deckers Outdoor Corporation (DECK) are set to join the S&P 500, replacing Zions Bancorporation (ZION). In pre-market trading, SMCI shares surged 13.4%, while DECK shares rose 7.1%. Other notable movers include BitFuFu Inc. (FUFU) with a 173% jump after completing a business combination, and Macy's, Inc. (M) climbing 13.3% following an elevated bid from Arkhouse & Brigade Capital. The overall U.S. stock futures were mixed.
March 04, 2024 | 10:01 am
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POSITIVE IMPACT
Deckers Outdoor Corporation shares climbed 7.1% in pre-market trading as it's announced to join the S&P 500, replacing Zions Bancorporation.
Deckers Outdoor's inclusion in the S&P 500 is expected to boost its stock price in the short term due to increased buying interest from index funds and investors.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Super Micro Computer, Inc. shares surged 13.4% in pre-market trading as it's set to join the S&P 500, replacing Zions Bancorporation.
Joining the S&P 500 is a significant event that typically leads to increased demand for shares from index funds and investors, likely driving up the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Zions Bancorporation is being replaced in the S&P 500 by Super Micro Computer, Inc. and Deckers Outdoor Corporation.
Being removed from the S&P 500 could lead to selling pressure on ZION's shares as index funds adjust their portfolios, potentially causing a short-term decline in its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100