QuidelOrtho shares are trading higher. The company announced it will replace Hibbett in the S&P SmallCap 600.
Portfolio Pulse from Benzinga Newsdesk
QuidelOrtho shares are trading higher after the company announced it will replace Hibbett in the S&P SmallCap 600.
July 24, 2024 | 2:20 pm
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POSITIVE IMPACT
QuidelOrtho shares are trading higher following the announcement that it will replace Hibbett in the S&P SmallCap 600.
Being added to the S&P SmallCap 600 typically increases demand for a company's stock as index funds and ETFs that track the index will need to purchase shares. This is likely to drive the stock price higher in the short term.
CONFIDENCE 100
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Hibbett shares may face downward pressure as the company will be replaced by QuidelOrtho in the S&P SmallCap 600.
Being removed from the S&P SmallCap 600 can lead to a decrease in demand for a company's stock as index funds and ETFs that track the index will need to sell shares. This is likely to drive the stock price lower in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100