Shares of Uber Technologies Inc. and Jabil Inc. rose in the extended session Friday after S&P Dow Jones Indices said the stocks will join the S&P 500 index in a little over two weeks.
Shares of ride-hailing company Uber UBER,
A place in the S&P 500 index is a coveted spot for companies. It brings their shares to a much broader range of investors, as well as to passive funds and actively managed funds that may have limitations to where they can invest.
S&P Dow Jones said that the changes, part of a routine rebalance, will be effective at market open on Monday, Dec. 18. The tweaks “ensure each index is more representative of its market-capitalization range,” the index provider said.
Jabil earlier this week lowered its quarterly and fiscal 2024 revenue outlook, saying demand for its products and services has softened. Uber last month reported third-quarter earnings above Wall Street expectations.
Friday’s changes also included Houlihan Lokey Inc. HLI,