Lululemon Athletica (LULU) will join the S&P 500 index before the open on Wednesday, Oct. 18. LULU stock rose solidly Monday morning, following the S&P Dow Jones Indices announcement Friday night
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Lululemon will replace Activision Blizzard in the S&P 500. Microsoft (MSFT) closed its $69 billion takeover of Activision on Friday after a lengthy regulatory fight.
LULU stock jumped 5.4% in premarket trading, signaling a move above the 50-day moving average. Shares rose 1% to 377.69 on Friday. The yoga apparel chain climbed 2.85% for the week, moving off the 200-day line. Lululemon stock has a 406.94 flat-base buy point, according to MarketSmith.
A decisive move above the 50-day and a downward-sloping trendline would offer an early entry.
Hubbell Stock To Join S&P 500
Electrical company Hubbell (HUBB) also will join the S&P 500 index, moving up from the S&P MidCap 400. HUBB stock will replace Organon (OGN), which will drop down to the S&P SmallCap 600 index. Chip-equipment maker Onto Innovation (ONTO) will move up from the SmallCap 600 to the MidCap 400.
HUBB stock rose 2% early Monday. Shares tumbled 4.75% on Friday to 294.79, just undercutting the bottom of a flat base.
OGN stock lost a fraction after tumbling to record lows in the past week.
ONTO stock fell 1.6% late Friday. Stocks often fall when moving up from the S&P SmallCap 600 to the MidCap 400, because fewer funds track the latter. Onto Innovation fell 3.45% to 138.10, dropping back below the top of a short consolidation. ONTO stock still rose 2.5% for the week.
Please follow Ed Carson on X/Twitter at @IBD_ECarson, Threads at @edcarson1971 and Bluesky at @edcarson.bsky.social for stock market updates and more.
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