Palantir Technologies, Dell Technologies, and Erie Indemnity Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600

Rhea-AI Impact

(Neutral)

Rhea-AI Sentiment

(Very Positive)

Rhea-AI Summary

S&P Dow Jones Indices will implement index changes effective prior to trading on September 23, 2024 as part of its quarterly rebalance. Palantir (PLTR), Dell (DELL) and Erie Indemnity (ERIE) join the S&P 500; multiple companies move among the S&P 500, MidCap 400 and SmallCap 600.

The table lists additions and deletions by index and GICS sector, including Fabrinet (FN) moving into the S&P MidCap 400 and being removed from the S&P SmallCap 600.

AI-generated analysis. Not financial advice.

Positive

Palantir (PLTR) added to S&P 500 effective 23-Sep-2024
Dell (DELL) added to S&P 500 effective 23-Sep-2024
Fabrinet (FN) promoted to S&P MidCap 400, effective 23-Sep-2024

Negative

Fabrinet (FN) removed from S&P SmallCap 600, effective 23-Sep-2024
American Airlines (AAL) exited S&P 500, moved to S&P MidCap 400

Key Figures

Index change effective date: 23-Sep-24 S&P 500: 500 S&P MidCap 400: 400 +5 more

8 metrics

Index change effective date 23-Sep-24 Date CMP is deleted from S&P SmallCap 600 in the rebalance

S&P 500 500 Large-cap index gaining PLTR, DELL, and ERIE

S&P MidCap 400 400 Mid-cap index receiving CMP’s peers like BIO and CNH

S&P SmallCap 600 600 Small-cap index from which CMP will be deleted

52-week high $27.00 CMP 52-week high before index removal announcement

52-week low $9.44 CMP 52-week low before index removal announcement

Market cap $1,038,209,170 CMP equity value prior to S&P SmallCap 600 deletion

Current price $24.95 CMP share price ahead of index change

Market Reality Check

Price: $30.49 Vol: Volume 279,857 vs 20-day ...

low vol

$30.49 Last Close

Volume Volume 279,857 vs 20-day average 672,723 (relative volume 0.42), showing subdued trading ahead of the index change. low

Technical Price $24.95 is trading above the $20.72 200-day moving average, indicating a pre-news uptrend despite the pending S&P SmallCap 600 deletion.

Peers on Argus

CMP gained 0.6% while only one tracked peer (USAS) appeared on the momentum scan...

1 Up

CMP gained 0.6% while only one tracked peer (USAS) appeared on the momentum scanner, up 6.75%. With no clear target direction flag and limited peer participation, the move looks stock-specific rather than a broad sector rotation.

Historical Context

5 past events · Latest: Mar 24 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 24	Debt redemption	Positive	+1.5%	Announced full redemption of $150M 6.750% Senior Notes due 2027.
Feb 04	Earnings update	Positive	-14.8%	Reported strong Q1 FY26 results and raised full-year adjusted EBITDA guidance.
Jan 23	Earnings call notice	Neutral	+4.6%	Scheduled release and conference call for Q1 FY26 financial results.
Dec 18	Board changes	Positive	+4.4%	Expanded board, added industry-experienced directors and created new CAT committee.
Dec 08	Earnings & guidance	Negative	-13.8%	Reported FY25 net loss alongside guidance and leverage reduction details.

Pattern Detected

Recent history shows mostly aligned reactions to corporate developments, with one notable divergence on a strong earnings-and-guidance update.

Recent Company History

Over the last several quarters, Compass Minerals has focused on deleveraging and operational improvement. On Dec. 8, 2025, fiscal 2025 results showed a $79.8M net loss but stronger adjusted EBITDA and lower debt, followed by improved Q1 FY26 results on Feb. 4, 2026 with revenue of $396.1M and adjusted EBITDA of $65.3M. A full redemption of $150M in 2027 notes, announced on Mar. 24, 2026, furthered balance sheet repair. Against this backdrop, removal from the S&P SmallCap 600 reflects index rebalancing rather than a shift in these fundamentals.

Market Pulse Summary

This announcement repositions Compass Minerals outside the S&P SmallCap 600 as of 23-Sep-24, reflect...

Analysis

This announcement repositions Compass Minerals outside the S&P SmallCap 600 as of 23-Sep-24, reflecting index rebalancing rather than a new change in company strategy. Recent history highlights efforts to improve the balance sheet, including redeeming $150M of 2027 notes and targeting higher adjusted EBITDA. Investors may watch how passive index outflows interact with this improving financial profile and monitor upcoming earnings and capital allocation decisions for further clarity.

Key Terms

s&p 500, s&p midcap 400, s&p smallcap 600, gics sector

4 terms

s&p 500 financial

The S&P 500 is a broad stock market index that tracks the performance of 500 large U.S. companies, weighted so bigger firms have a larger impact. Investors use it like a thermometer or benchmark to judge how the overall U.S. stock market or a portfolio is doing; movements in the index influence investor sentiment, fund performance, and many passive investment products that aim to match its returns.

s&p midcap 400 financial

The S&P MidCap 400 is a group of 400 companies that are smaller than the big, well-known corporations but larger than tiny startups. It helps investors see how medium-sized companies are performing in the stock market, acting like a barometer for this middle-sized group of businesses.

s&p smallcap 600 financial

A stock market index made up of 600 small-cap U.S. companies chosen to represent the performance of smaller publicly traded firms. It matters to investors because it acts like a temperature gauge for the small-company segment of the market, serving as a benchmark for fund managers, a basis for index funds and ETFs, and a way to compare returns and risk when building a diversified portfolio.

gics sector technical

GICS sector is one of the major industry groupings from the Global Industry Classification Standard, a system that sorts companies into consistent categories (like Technology or Health Care) based on the primary business they do. Investors use these sectors like folders in a filing cabinet to compare companies, build diversified portfolios, and track how whole parts of the market are performing rather than focusing on single stocks.

AI-generated analysis. Not financial advice.

09/06/2024 - 06:43 PM

NEW YORK, Sept. 6, 2024 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI") will make the following changes to the S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective prior to the open of trading on Monday, September 23, to coincide with the quarterly rebalance. The changes ensure each index is more representative of its market capitalization range. All companies being added to the S&P 500 are more representative of the large-cap market space, all companies being added to the S&P MidCap 400 are more representative of the mid-cap market space, and all companies being added to the S&P SmallCap 600 are more representative of the small-cap market space. The companies being removed from the S&P SmallCap 600 are no longer representative of the small-cap market space. 

Palantir Technologies Inc. (NYSE: PLTR), Dell Technologies Inc. (NYSE: DELL), and S&P MidCap 400 constituent Erie Indemnity Co. (NASD:ERIE) will replace American Airlines Group Inc. (NASD:AAL), Etsy Inc. (NASD:ETSY) and Bio-Rad Laboratories Inc. (NYSE:BIO) in the S&P 500, respectively. American Airline Group will replace TEGNA Inc. (NYSE: TGNA) in the S&P MidCap 400, and TEGNA will replace Designer Brands Inc. (NYSE: DBI) in the S&P SmallCap 600. Etsy will replace Haverty Furniture Companies Inc. (NYSE: HVT) in the S&P SmallCap 600. Bio-Rad Laboratories will replace Erie Indemnity in the S&P MidCap 400.
CNH Industrial NV (NYSE: CNH), Western Alliance Bancorp (NYSE: WAL), Parsons Corp. (NYSE: PSN), Hamilton Lane Inc. (NASD: HLNE), Viper Energy Inc. (NASD: VNOM) and S&P SmallCap 600 constituent Fabrinet (NYSE: FN) will replace MP Materials Corp. (NYSE: MP), Progyny Inc. (NASD: PGNY), Adient plc (NYSE: ADNT), Wolfspeed Inc. (NYSE: WOLF), Helen of Troy Ltd (NASD: HELE) and Ziff Davis Inc. (NASD: ZD) in the S&P MidCap 400 respectively. MP Materials, Progyny, Adient, Wolfspeed, Helen of Troy, and Ziff Davis will replace Calavo Growers Inc. (NASD: CVGW), Enhabit Inc. (NYSE: EHAB), Mercer International Inc. (NASD: MERC), Compass Minerals International Inc. (NYSE:CMP), 3D Systems Corp. (NYSE: DDD), and Fabrinet in the S&P SmallCap 600 respectively.
Zurn Elkay Water Solutions Corp. (NYSE: ZWS), Clear Secure Inc. (NYSE: YOU), TG Therapeutics Inc. (NASD: TGTX), Inspire Medical Systems Inc. (NYSE: INSP), CSW Industrials Inc. (NASD: CSWI), ADMA Biologics Inc. (NASD: ADMA), and Impinj Inc. (NASD:PI) will replace Community Healthcare Trust Inc. (NYSE: CHCT), Varex Imaging Corp. (NASD: VREX), Dine Brands Global Inc. (NYSE: DIN), Nu Skin Enterprises Inc. (NYSE: NUS), AMC Networks Inc. (NASD: AMCX), Olympic Steel Inc.(NASD: ZEUS) and B. Riley Financial Inc. (NASD: RILY) in the S&P SmallCap 600 respectively.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date	Index Name	Action	Company Name	Ticker	GICS Sector
23-Sep-24	S&P 500	Addition	Palantir Technologies	PLTR	Information Technology
23-Sep-24	S&P 500	Addition	Dell Technologies	DELL	Information Technology
23-Sep-24	S&P 500	Addition	Erie Indemnity	ERIE	Financials
23-Sep-24	S&P 500	Deletion	American Airlines Group	AAL	Industrials
23-Sep-24	S&P 500	Deletion	Etsy	ETSY	Consumer Discretionary
23-Sep-24	S&P 500	Deletion	Bio-Rad Laboratories	BIO	Health Care
23-Sep-24	S&P MidCap 400	Addition	Bio-Rad Laboratories	BIO	Health Care
23-Sep-24	S&P MidCap 400	Addition	CNH Industrial	CNH	Industrials
23-Sep-24	S&P MidCap 400	Addition	Western Alliance Bancorp	WAL	Financials
23-Sep-24	S&P MidCap 400	Addition	Parsons	PSN	Industrials
23-Sep-24	S&P MidCap 400	Addition	Hamilton Lane	HLNE	Financials
23-Sep-24	S&P MidCap 400	Addition	Viper Energy	VNOM	Energy
23-Sep-24	S&P MidCap 400	Addition	Fabrinet	FN	Information Technology
23-Sep-24	S&P MidCap 400	Addition	American Airlines Group	AAL	Industrials
23-Sep-24	S&P MidCap 400	Deletion	Erie Indemnity	ERIE	Financials
23-Sep-24	S&P MidCap 400	Deletion	MP Materials	MP	Materials
23-Sep-24	S&P MidCap 400	Deletion	Progyny	PGNY	Health Care
23-Sep-24	S&P MidCap 400	Deletion	Adient	ADNT	Consumer Discretionary
23-Sep-24	S&P MidCap 400	Deletion	Wolfspeed	WOLF	Information Technology
23-Sep-24	S&P MidCap 400	Deletion	Helen of Troy	HELE	Consumer Discretionary
23-Sep-24	S&P MidCap 400	Deletion	Ziff Davis	ZD	Communication Services
23-Sep-24	S&P MidCap 400	Deletion	TEGNA	TGNA	Communication Services
23-Sep-24	S&P SmallCap 600	Addition	TEGNA	TGNA	Communication Services
23-Sep-24	S&P SmallCap 600	Addition	Etsy	ETSY	Consumer Discretionary
23-Sep-24	S&P SmallCap 600	Addition	Ziff Davis	ZD	Communication Services
23-Sep-24	S&P SmallCap 600	Addition	MP Materials	MP	Materials
23-Sep-24	S&P SmallCap 600	Addition	Progyny	PGNY	Health Care
23-Sep-24	S&P SmallCap 600	Addition	Adient	ADNT	Consumer Discretionary
23-Sep-24	S&P SmallCap 600	Addition	Wolfspeed	WOLF	Information Technology
23-Sep-24	S&P SmallCap 600	Addition	Helen of Troy	HELE	Consumer Discretionary
23-Sep-24	S&P SmallCap 600	Addition	Zurn Elkay Water Solutions	ZWS	Industrials
23-Sep-24	S&P SmallCap 600	Addition	Clear Secure	YOU	Information Technology
23-Sep-24	S&P SmallCap 600	Addition	TG Therapeutics	TGTX	Health Care
23-Sep-24	S&P SmallCap 600	Addition	Inspire Medical Systems	INSP	Health Care
23-Sep-24	S&P SmallCap 600	Addition	CSW Industrials	CSWI	Industrials
23-Sep-24	S&P SmallCap 600	Addition	ADMA Biologics	ADMA	Health Care
23-Sep-24	S&P SmallCap 600	Addition	Impinj	PI	Information Technology
23-Sep-24	S&P SmallCap 600	Deletion	Designer Brands	DBI	Consumer Discretionary
23-Sep-24	S&P SmallCap 600	Deletion	Haverty Furniture	HVT	Consumer Discretionary
23-Sep-24	S&P SmallCap 600	Deletion	Fabrinet	FN	Information Technology
23-Sep-24	S&P SmallCap 600	Deletion	Calavo Growers	CVGW	Consumer Staples
23-Sep-24	S&P SmallCap 600	Deletion	Enhabit	EHAB	Health Care
23-Sep-24	S&P SmallCap 600	Deletion	Mercer Intl	MERC	Materials
23-Sep-24	S&P SmallCap 600	Deletion	Compass Minerals Intl	CMP	Materials
23-Sep-24	S&P SmallCap 600	Deletion	3D Systems	DDD	Industrials
23-Sep-24	S&P SmallCap 600	Deletion	Community Healthcare Trust	CHCT	Real Estate
23-Sep-24	S&P SmallCap 600	Deletion	Varex Imaging	VREX	Health Care
23-Sep-24	S&P SmallCap 600	Deletion	Dine Brands Global	DIN	Consumer Discretionary
23-Sep-24	S&P SmallCap 600	Deletion	NU Skin Enterprises	NUS	Consumer Staples
23-Sep-24	S&P SmallCap 600	Deletion	AMC Networks	AMCX	Communication Services
23-Sep-24	S&P SmallCap 600	Deletion	Olympic Steel	ZEUS	Materials
23-Sep-24	S&P SmallCap 600	Deletion	B. Riley Financial	RILY	Financials

For more information about S&P Dow Jones Indices, please visit www.spdji.com

ABOUT S&P DOW JONES INDICES

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View original content:https://www.prnewswire.com/news-releases/palantir-technologies-dell-technologies-and-erie-indemnity-set-to-join-sp-500-others-to-join-sp-midcap-400-and-sp-smallcap-600-302241046.html

SOURCE S&P Dow Jones Indices

FAQ

Why is Fabrinet (FN) being moved from the S&P SmallCap 600 to the S&P MidCap 400 on September 23, 2024?

FN is being reclassified because it is more representative of the mid-cap market segment. According to S&P Dow Jones Indices, quarterly rebalances shift companies into indices that better match their market capitalization profiles.

What does Palantir's (PLTR) addition to the S&P 500 on September 23, 2024 mean for shareholders?

PLTR's S&P 500 inclusion typically increases passive fund demand and visibility among large-cap investors. According to S&P Dow Jones Indices, additions align companies with the large-cap index and may attract index-tracking flows.

How will Dell (DELL) joining the S&P 500 on September 23, 2024 affect its stock liquidity and ETF eligibility?

DELL's S&P 500 entry often boosts liquidity and makes it eligible for large-cap ETFs that track the index. According to S&P Dow Jones Indices, index additions can raise trading volume from passive strategies and institutional investors.

Which companies are being removed from the S&P 500 on September 23, 2024 and where are they going?

American Airlines (AAL), Etsy (ETSY) and Bio-Rad (BIO) are removed from the S&P 500 on 23-Sep-2024. According to S&P Dow Jones Indices, AAL moves to the MidCap 400; ETSY and BIO move to other capitalization-appropriate indices.

Will Fabrinet's (FN) removal from the S&P SmallCap 600 on September 23, 2024 cause dilution or corporate action?

Index reclassification itself does not change share count or cause dilution. According to S&P Dow Jones Indices, the change only alters index membership and may affect passive flows and relative demand for FN shares.