On Thursday, S&P Dow Jones Indices announced a change to its S&P 500 index.
According to S&P Dow Jones Indices, athletic apparel-maker Under Armour (UA) will join the S&P 500 index, effective Apr. 30. UA will take the place of liquor-maker Beam (BEAM) in the S&P 500 index, the Wall Street Journal notes.
BEAM is leaving the S&P 500 index due to its merger with Japan’s Suntory Holdings Ltd.
UA is currently a member of the S&P MidCap 400. It will be replaced on the S&P MidCap 400 by PolyOne Corp. (POL) when UA joins the S&P 500 index.
On Thursday, UA stock tumbled after the company issued full-year revenue guidance that some analysts found too conservative in the wake of strong first-quarter results.
Shares of Under Arnour rose more than 1% in Friday pre-market trading. UA stock closed at $50.42 per share on Thursday.
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