Gates Industrial rises after co to join S&P SmallCap 600

Gates Industrial

17/07/2024 10:42

** Shares of Gates Industrial  GTES.N  rise 8.1% to $18.33
in premarket
    ** Industrial machinery firm set to join S&P SmallCap 600
index  .SPCY 
    ** Company to replace apparel retailer Abercrombie & Fitch
 ANF.N  in the index effective prior to the opening of trading
on Monday, July 22
    ** ANF will join S&P MidCap 400 index  .IDEX  by replacing
oil and gas transportation firm Equitrans Midstream  ETRN.N 
    ** ETRN's takeover by natural gas producer EQT Corp  EQT.N 
in $14 bln deal is expected to close soon
    ** EQT itself is part of S&P 500 index  .SPX 
    ** Six of 10 brokerages rate GTES stock "buy" or higher and
four "hold"; their median PT is $19.50
    ** Up to last close, GTES stock had risen 26.45% YTD

 (Reporting by Nikhil Sharma in Bengaluru)
 ((nikhil.sharma@thomsonreuters.com))