Apollo Global Management Stock Surges Then Pulls Back After S&P 500 Inclusion News
Apollo Global Management's shares reached a record high following the announcement of its addition to the S&P 500 Index before experiencing a slight decline.
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Highlights
- Apollo Global Management's stock soared to a record peak Monday after news of its inclusion in the S&P 500 Index but later dipped by around 2%.
- Workday is also set to join the S&P 500 on December 23, with its shares rising over 6%.
- These additions replace Qorvo and Amentum Holdings, which will transition to the S&P SmallCap 600 Index.
- Apollo’s stock has surged nearly 90% this year, while Workday’s shares have remained mostly steady.
Shares of Apollo Global Management (APO), a leading asset management firm, climbed to an all-time high shortly after trading began Monday following the announcement of its upcoming inclusion in the S&P 500 Index. However, the stock reversed direction and recently declined by 2%.
S&P Global Indexes revealed on Friday that Apollo and HR software provider Workday (WDAY) will be added to the prestigious S&P 500 Index when markets open on December 23. Workday’s stock jumped over 6% Monday afternoon in response.
The two companies will replace Qorvo (QRO), a radio frequency semiconductor manufacturer, and defense technology firm Amentum Holdings (AMTM), both of which will move to the S&P SmallCap 600 Index. Qorvo and Amentum will respectively replace Kelly Services (KELYA) and Service Properties Trust (SVC) in that index.
Inclusion in the S&P 500 typically boosts a company’s stock price due to increased visibility and the addition of shares to index-tracking funds, attracting more investors.
This year, Apollo Global Management’s shares have surged nearly 90%, reaching unprecedented levels. Meanwhile, Workday’s stock, which had been relatively flat throughout 2023, turned positive for 2024 with today’s gains.
Update: This article has been refreshed with the latest stock price data.
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