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HomeBusiness: Palo Alto Networks promoted to S&P 500, replacing Dish Network

: Palo Alto Networks promoted to S&P 500, replacing Dish Network

Shares of Palo Alto Networks Inc. rose in extended trading on Friday after S&P Dow Jones said it would include the cybersecurity platform company’s shares in the S&P 500.

Palo Alto Networks PANW, +0.21% shares soared 5% in after-hours trading after Palo Alto Networks announced it would replace the S&P 500 Dish Network Corp. DISH in the index, +16.24%, +1.45%. The move will take place on June 20th, after the June 19th June holiday, the index will be adjusted quarterly.

Palo Alto Networks is up year-to-date after it recently reported earnings and believes AI will transform the software industry in the next 12 months 55.7%, resulting in a market capitalization of $66.44 billion. The S&P 500 is up 11.5% for the year.

Read: Palo Alto Networks, Software Industry Will Change Over the Next 12 Months Artificial intelligence ‘transformation’ within, CEO says

Dish shares fall nearly 3% after hours after being downgraded to a different S&P. Shares of Inc. AMZN, +1.21% rose 16.2% in Friday’s regular session following a report on talks Offers free mobile phone service to Prime members.

Dish to replace skin care device maker Cutera Inc. CUTR, +1.12% S&P MidCap 400 Index MID, +3.27%, S&P said, noting that the changes were made “to ensure that each index is more representative of its market capitalization range.” Dish shares are down 48% this year, with a market capitalization of $3.89 billion.

READ: Verizon Stock Falls to 12-Year Low While Dish soared after a report that Amazon was in talks to offer a mobile plan for Prime members

Cutera rose 1.1% to close at $17.15 on Friday after shares fell more than 5% after hours. Shares of the company had fallen 61.2% year-to-date as of Friday’s close, as the company underwent a leadership shakeup and had a market value of $340 million, according to FactSet data.

READ: Cutera stock slips after earnings; company names interim CFO officials, board agreement with big investors

Other changes in the S&P small cap index also sent other stocks into after-hours motions late Friday.

Stock Planet Fitness Inc. PLNT, +0.92%, Zoominfo Technologies Inc. ZI, +2.08%,

Doximity Company DOCS, + 4.69%,

and BWX Technologies Inc. BWXT, +2.49 % rose 4% after hours on Friday, with S&P moving the stock to the midcap index.

Meanwhile, shares of Crown Holdings Inc. CCK, +3.98%,

Dropbox Inc.DBX, +2.11%,

Graphic Packaging Holding Co. GPK, +3.48%,

and Wesco International Inc . WCC, +7.23% all up at least 2% or more as they contain mid-cap stocks.

Shares of CarGurus Inc. CARG, +1.99% Soared 6% after S&P said it would add auto research and shopping site to its S&P SmallCap 600 SML, +4.06%.

PetMed Express Inc. PETS stock, +3.24%, Children’s Place Inc. PLCE, +9.05%, and Zumiez Inc. ZUMZ, -1.46%


Gannett Corporation GCI, +2.74% and LendingTree Inc. TREE, +7.89% were both down more than 3 percent after being removed from the small-cap index as planned late Friday.



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