by Christopher Freeburn | October 29, 2013 9:06 am
Shares of Michael Kors Holding (KORS) surged more than 3% in Tuesday pre-market trading after Standard & Poor’s said it would add the luxury apparel maker to a prominent stock index.
On Nov. 1, Michael Kors will join the S&P 500 index. The addition comes just days before the company reports its latest quarterly results next week. Michael Kors will replace NYSE Euronext (NYX) on the S&P 500, Forbes notes.
NYSE Euronext is departing the index in the wake of its acquisition by IntercontinentalExchange (ICE), which is expected to be completed this week.
Since its 2011 IPO, shares of Michael Kors have soared 215%. The stock’s performance this year has surpassed that of luxury goods competitors Burberry (BURBY) and Coach (COH). The company now has a market capitalization of over $15 billion.
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