On Semiconductor, Keurig Dr Pepper pop on S&P 500 inclusion

IPG Photonics

06/06/2022 12:34

** Shares of On Semiconductor  ON.O  and Keurig Dr Pepper
 KDP.O  jump >7% premarket as both cos set to join S&P 500
 .SPX  later this month
    ** Chipmaker Onsemi and beverage firm Keurig to replace
Under Armour  UAA.N  and IPG Photonics  IPGP.O  in SPX effective
Jun 21, S&P Dow Jones Indices said  urn:newsml:reuters.com:*:nPn9Mx6zCa
    ** Cos that join the SPX tend to see their shares rise as
actively managed funds benchmarking the index buy shares
    ** ON up 7.4% at $67.61 before the bell, while KDP up 8.0%
at $37.72
    ** In turn, UAA and IPGP to replace Trinity Industries
 TRN.N  and Yelp Inc  YELP.N  in S&P MidCap 400  .IDX 
    ** YTD, ON down 7.3% but well outperforming Philadelphia
chip index's  .SOX  22.4% slide. Co has ~$27 bln market cap
through Fri close, per Refinitiv data
    ** KDP off 5.2% in 2022 vs Nasdaq's  .IXIC  23% decline this
year. It has ~$50 bln market value as of Fri

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))