Marvell, Flex Shares Jump as S&P 500 Inclusion Set for June 22
MRVL has more than doubled off its 52-week low of $61.44 on elevated volume (3.0× avg).
Summary
Marvell Technology and Flex shares surged in pre-market trading following the announcement that both companies will join the S&P 500 index on June 22. This news, which also specifies Campbell's and Pool as the departing companies, confirms the market's positive reaction to the index inclusion. Joining the S&P 500 typically drives demand as passive index funds are mandated to purchase shares. This follows the initial Reuters report on June 5th regarding Marvell's inclusion.
At the time of this announcement, MRVL was trading at $280.71 on NASDAQ in the Technology sector, with a market capitalization of approximately $230.5B. The 52-week trading range was $61.44 to $324.20. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.