DISH Network Corp (NASDAQ:DISH) will be joining the S&P 500 next week and its stock is up on the news.
Starting before the markets open on Monday, March 13, 2017, DISH Network Corp will be listed on the S&P 500. It will be taking over semiconductor company Linear Technology Corporation’s (NASDAQ:LLTC) spot on the S&P 500.
DISH Network Corp will be added to the Global Industry Classification Standard Cable & Satellite Sub-Industry index when it joins the S&P 500 on March 13. Linear Technology Corporation, which is part of the S&P 500’s Global Industry Classification Standard Semiconductors Sub-Industry index, will be deleted from the S&P 500 at this time.
The reason that DISH Network Corp, a provider of pay-TV services, is taking over Linear Technology Corporation’s spot on the S&P 500 is due to an acquisition of the latter. Analog Devices, Inc. (NASDAQ:ADI) is currently in the process of acquiring Linear Technology Corporation.
Analog Devices, Inc.’s acquisition of Linear Technology Corporation is set to take place in the near future once final closing conditions are met. ADI is already listed on the S&P 500. This is why Linear Technology Corporation is being removed from the list and DISH Network Corp is taking its place.
Zacks.com says that the addition of DISH Network Corp is a positive for the company. It notes that the satellite provider currently has a Zacks Rank #3 (Hold), but that this will likely increase following the news of its addition to the S&P 500.
DISH stock was up 5% as of Tuesday afternoon and is up 11% year-to-date.