Flex Set to Join S&P MidCap 400; Azenta and Concentra Group Holdings to Join S&P SmallCap 600

Q: When will Concentra (CON) be added to the S&P SmallCap 600?

Concentra will be added prior to the open on Nov 27, 2024 . According to S&P Dow Jones Indices, the change follows Select Medical's planned distribution of majority CON shares on Nov 26, 2024 .

Q: What does the Select Medical distribution of Concentra shares mean for CON shareholders?

Select Medical is distributing 80% of Concentra shares to shareholders expected on Nov 26, 2024 . According to S&P Dow Jones Indices, that distribution enables Concentra's standalone inclusion in the S&P SmallCap 600.

Q: Why is Flex (FLEX) joining the S&P MidCap 400 on Nov 25, 2024?

Flex will replace Azenta in the S&P MidCap 400 effective Nov 25, 2024 . According to S&P Dow Jones Indices, Azenta's market cap no longer represented the mid-cap space, prompting the swap.

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Neutral)

Rhea-AI Summary

Concentra Group Holdings (NYSE: CON) will be added to the S&P SmallCap 600 effective prior to the open on Nov 27, 2024, replacing Myers Industries. Select Medical is distributing 80% of Concentra shares to shareholders in a transaction expected on Nov 26, 2024. Separately, Flex (FLEX) will join the S&P MidCap 400 on Nov 25, 2024, while Azenta (AZTA) moves to the S&P SmallCap 600 as Envestnet (ENV) is removed ahead of a Bain Capital acquisition.

Positive

Concentra (CON) addition to S&P SmallCap 600 effective Nov 27, 2024
Select Medical to distribute 80% of Concentra shares to shareholders on Nov 26, 2024
Flex (FLEX) to join S&P MidCap 400 effective Nov 25, 2024
Azenta (AZTA) to be added to S&P SmallCap 600 effective Nov 25, 2024

Negative

Myers Industries (MYE) removed from S&P SmallCap 600 for being no longer representative of small-cap
Envestnet (ENV) removed from S&P SmallCap 600 ahead of Bain Capital acquisition expected to close soon
Azenta (AZTA) removed from S&P MidCap 400 due to market capitalization no longer representing mid-cap

Market Context

This announcement details ENV’s removal from the S&P SmallCap 600 as Bain Capital’s acquisition prog...

Analysis

This announcement details ENV’s removal from the S&P SmallCap 600 as Bain Capital’s acquisition progresses, alongside Flex, Azenta, and Concentra index changes effective on Nov 25 and Nov 27, 2024. ENV traded at 63.14 with volume at 3.91x its 20-day average and above its 200-day MA of 61.07 before the news. Investors may monitor deal-closure developments and subsequent index rebalancing activity as key follow-up factors.

Key Figures

Effective date (MidCap/SmallCap changes): Nov 25, 2024 Effective date (Concentra change): Nov 27, 2024 Concentra stake distributed: 80% +5 more

8 metrics

Effective date (MidCap/SmallCap changes) Nov 25, 2024 Index additions/deletions for FLEX, AZTA, ENV in S&P indices

Effective date (Concentra change) Nov 27, 2024 Index additions/deletions for CON and MYE in S&P SmallCap 600

Concentra stake distributed 80% Select Medical distributing 80% of Concentra Group Holdings shares to shareholders

Index size S&P MidCap 400 ENV deleted from this segment via AZTA move and FLEX addition

Index size S&P SmallCap 600 ENV removed; AZTA and CON added in separate actions

Current price 63.14 ENV price before index change, up 0.08% over prior close

Trading volume 4,807,454 shares ENV volume vs 20-day average of 1,230,906 shares (3.91x)

Market capitalization 3,494,541,641 ENV market cap prior to index deletion and acquisition close

Key Terms

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

3 terms

s&p midcap 400 technical

"Flex Ltd (NASD: FLEX) will replace Azenta Inc. (NASD: AZTA) in the S&P MidCap 400"

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 technical

"Azenta Inc. (NASD: AZTA) ... will replace Envestnet Inc. (NYSE: ENV) in the S&P SmallCap 600"

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. How Rhea-AI works. Not financial advice.

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11/19/2024 - 05:56 PM

NEW YORK, Nov. 19, 2024 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400 and S&P SmallCap 600:

Flex Ltd (NASD: FLEX) will replace Azenta Inc. (NASD: AZTA) in the S&P MidCap 400, and Azenta will replace Envestnet Inc. (NYSE: ENV) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, November 25. Bain Capital is acquiring Envestnet in a deal expected to be completed soon, pending final closing conditions. Azenta's market capitalization is no longer representative of the mid-cap market space.
Concentra Group Holdings Inc. (NYSE: CON) will replace Myers Industries Inc. (NYSE: MYE) in the S&P SmallCap 600 effective prior to the opening of trading on Wednesday, November 27. S&P SmallCap 600 constituent Select Medical Holdings Corp. (NYSE: SEM) is distributing the 80% of shares of Concentra Group Holdings it owns to shareholders in a transaction expected to be completed on November 26. Myers Industries' market capitalization is no longer representative of the small-cap market space.

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
Nov 25, 2024	S&P MidCap 400	Addition	Flex	FLEX	Information Technology
Nov 25, 2024	S&P MidCap 400	Deletion	Azenta	AZTA	Health Care
Nov 25, 2024	S&P SmallCap 600	Addition	Azenta	AZTA	Health Care
Nov 25, 2024	S&P SmallCap 600	Deletion	Envestnet	ENV	Information Technology
Nov 27, 2024	S&P SmallCap 600	Addition	Concentra Group Holdings	CON	Health Care
Nov 27, 2024	S&P SmallCap 600	Deletion	Myers Industries	MYE	Materials

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

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com.

FOR MORE INFORMATION:

S&P Dow Jones Indices
index_services@spglobal.com

Media Inquiries
spdji.comms@spglobal.com

View original content:https://www.prnewswire.com/news-releases/flex-set-to-join-sp-midcap-400-azenta-and-concentra-group-holdings-to-join-sp-smallcap-600-302310669.html

SOURCE S&P Dow Jones Indices

FAQ

When will Concentra (CON) be added to the S&P SmallCap 600?

Concentra will be added prior to the open on Nov 27, 2024. According to S&P Dow Jones Indices, the change follows Select Medical's planned distribution of majority CON shares on Nov 26, 2024.

What does the Select Medical distribution of Concentra shares mean for CON shareholders?

Select Medical is distributing 80% of Concentra shares to shareholders expected on Nov 26, 2024. According to S&P Dow Jones Indices, that distribution enables Concentra's standalone inclusion in the S&P SmallCap 600.

Why is Flex (FLEX) joining the S&P MidCap 400 on Nov 25, 2024?

Flex will replace Azenta in the S&P MidCap 400 effective Nov 25, 2024. According to S&P Dow Jones Indices, Azenta's market cap no longer represented the mid-cap space, prompting the swap.

Why was Azenta (AZTA) moved to the S&P SmallCap 600 on Nov 25, 2024?

Azenta was moved because its market capitalization is no longer representative of the mid-cap market space. According to S&P Dow Jones Indices, Azenta will join the S&P SmallCap 600 effective Nov 25, 2024.

Why was Envestnet (ENV) deleted from the S&P SmallCap 600 ahead of Nov 25, 2024?

Envestnet was removed because Bain Capital is acquiring the company in a deal expected to close soon. According to S&P Dow Jones Indices, Envestnet will be deleted prior to the open on Nov 25, 2024.