Kenvue (NYSE:KVUE) stock is a hot topic among traders on Thursday following news that it will be added to the S&P 500.
Investors will note that Kenvue is joining the S&P 500, as well as the S&P 100, as Johnson & Johnson (NYSE:JNJ) is splitting off a minimum of 80.1% of KVUE stock that it owns. The company is doing so through a voluntary exchange offer that ends on Aug. 18, 2023.
With Kenvue joining the S&P 500, another company will have to be removed from that index. The S&P 500 says that the company being taken off this index hasn’t been named yet. Instead, it will reveal this information in a later press release.
KVUE Stock Movement on Thursday
Following news of Kenvue joining the S&P 500, traders have given extra attention to the company’s stock. As a result, shares of KVUE are seeing extra trading today. This has more than 8.5 million shares changing hands as of this writing. For the record, the company’s daily average trading volume is about 6.9 million shares.
Investors can also look forward to another catalyst for KVUE stock when it joins the S&P 500. It’s likely that when the stock officially joins the exchange, traders will see another uptick in trading activity, as well as an increased share price.
KVUE stock is up 1.9% as of Thursday morning.
There’s even more stock market news that traders will want to know about below!
We have all of the latest stock market stories that investors need to know about on Thursday! That includes Innoviz (NASDAQ:INVZ) stock falling, an analyst upgrade for Roblox (NYSE:RBLX) stock, as well as the latest details concerning shares of Applied UV (NASDAQ:AUVI) stock. Investors can learn more about these matters by checking out the following links!
More Stock Market News for Thursday
- Why Is Innoviz (INVZ) Stock Down 20% Today?
- RBLX Stock Alert: Roblox Scores Upgrade Despite Weak Q2 Results
- What Is Going on With Applied UV (AUVI) Stock Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
