Sandisk Set to Join S&P 500; Upwork, First Interstate BancSystem, PTC Therapeutics to Join S&P SmallCap 600

Rhea-AI Summary

Gildan (NYSE: GIL) and several companies will move between S&P indices effective late November–early December 2025. Sandisk (SNDK) is being added to the S&P 500 on November 28, 2025, with PTC Therapeutics (PTCT) joining the S&P SmallCap 600 the same day. Upwork (UPWK) and First Interstate BancSystem (FIBK) also join the SmallCap 600 on November 28 and December 2, 2025, respectively; Interpublic, Premier and Hanesbrands will be removed.

Positive

• Sandisk added to S&P 500 on November 28, 2025
• PTC Therapeutics added to S&P SmallCap 600 on November 28, 2025
• Upwork added to S&P SmallCap 600 on November 28, 2025
• First Interstate BancSystem added to S&P SmallCap 600 on December 2, 2025

Negative

• Interpublic deleted from S&P 500 on November 28, 2025
• Hanesbrands deleted from S&P SmallCap 600 on December 2, 2025
• Premier deleted from S&P SmallCap 600 on November 28, 2025

Key Figures

Index change date: November 28, 2025 FIBK index effective date: December 02, 2025 IPG acquisition expectation: Close expected soon +1 more

4 metrics

Index change date November 28, 2025 Effective date for S&P 500 and S&P SmallCap 600 additions/deletions

FIBK index effective date December 02, 2025 Date FIBK joins S&P SmallCap 600, replacing Hanesbrands

IPG acquisition expectation Close expected soon OMC acquiring Interpublic Group, timing pending final conditions

Premier acquisition date November 25, 2025 Expected completion date of Premier acquisition by Patient Square Capital

Market Reality Check

Price: $34.85 Vol: Volume 867,919 is below t...

low vol

$34.85 Last Close

Volume Volume 867,919 is below the 20-day average of 1,360,376 ahead of the index change. low

Technical Price $34.44 is trading above the 200-day MA at $33.12 before the S&P SmallCap 600 addition.

Peers on Argus

FIBK is up 1.2%. Regional peers FBP (+1.2%), FHB (+1.45%), FULT (+0.98%), and IN...

FIBK is up 1.2%. Regional peers FBP (+1.2%), FHB (+1.45%), FULT (+0.98%), and INDB (+0.84%) are also higher, while EBC is flat, indicating a sector-supportive backdrop alongside the index inclusion news.

Historical Context

5 past events · Latest: Apr 01 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 01	Earnings call notice	Neutral	-0.2%	Announced Q1 2026 earnings release and investor conference call schedule.
Jan 28	Earnings report	Positive	-1.4%	Reported strong Q4 and 2025 results with dividend and expanded repurchase authorization.
Jan 06	Earnings call notice	Neutral	-0.6%	Set timing and access details for Q4 and year-end earnings call.
Nov 06	Activist presentation	Negative	-1.3%	HoldCo Asset Management released shareholder presentation outlining expectations and potential actions.
Oct 29	Earnings report	Positive	-2.0%	Delivered improved Q3 2025 earnings, higher margin, dividend and buybacks.

Pattern Detected

Recent earnings reports with generally positive fundamentals have often seen negative next-day price reactions, indicating a tendency toward downside divergence on good news.

Recent Company History

Over the last six months, First Interstate BancSystem has focused on earnings delivery, capital returns, and governance. Q3 and Q4 2025 results highlighted rising net income, solid net interest margins, and dividends of $0.47 per share, plus buybacks. An activist presentation on Nov 6, 2025 signaled shareholder engagement on capital allocation. Several earnings-release scheduling notices rounded out the flow. Today’s planned Dec 2, 2025 move into the S&P SmallCap 600 reflects index-related recognition rather than a change in fundamentals.

Market Pulse Summary

This announcement details several index rebalancing moves, including First Interstate BancSystem ent...

Analysis

This announcement details several index rebalancing moves, including First Interstate BancSystem entering the S&P SmallCap 600 on December 02, 2025 as Hanesbrands exits. Such changes can influence trading flows as index funds adjust holdings but do not alter company fundamentals. For FIBK, this comes after a series of earnings reports and shareholder-focused actions. Investors may watch execution on earnings, capital returns, and any ongoing governance or activist developments alongside the new index membership.

Key Terms

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

3 terms

s&p 500 financial

"Sandisk Corp. (NASD: SNDK) will replace The Interpublic Group of Companies Inc. (NYSE: IPG) in the S&P 500"

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 smallcap 600 financial

"Upwork Inc. (NASD: UPWK) will replace Premier Inc. (NASD: PINC) 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

"Effective Date | Index Name | Action | Company Name | Ticker | GICS Sector"

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.

NEW YORK, Nov. 24, 2025 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P 500, S&P SmallCap 600: 

• S&P SmallCap 600 constituent Sandisk Corp. (NASD: SNDK) will replace The Interpublic Group of Companies Inc. (NYSE: IPG) in the S&P 500, and PTC Therapeutics Inc. (NASD: PTCT) will replace Sandisk in the S&P SmallCap 600 effective prior to the opening of trading on Friday, November 28. S&P 500 constituent Omnicom Group Inc. (NYSE: OMC) is acquiring The Interpublic Group of Companies in a deal expected to close soon, pending final conditions.
  
  
• Upwork Inc. (NASD: UPWK) will replace Premier Inc. (NASD: PINC) in the S&P SmallCap 600 effective prior to the open of trading on Friday, November 28. Patient Square Capital is acquiring Premier in a deal expected to be completed November 25, pending final closing conditions.
  
  
• First Interstate BancSystem Inc. (NASD: FIBK) will replace Hanesbrands Inc. (NYSE: HBI) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, December 2. Gildan Activewear (TMX/NYSE: GIL) is acquiring Hanesbrands in a deal expected to be completed December 1, pending final closing conditions.

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
November 28, 2025	S&P 500	Addition	Sandisk	SNDK	Information Technology
November 28, 2025	S&P 500	Deletion	Interpublic Group	IPG	Communication Services
November 28, 2025	S&P SmallCap 600	Addition	Upwork	UPWK	Industrials
November 28, 2025	S&P SmallCap 600	Addition	PTC Therapeutics	PTCT	Health Care
November 28, 2025	S&P SmallCap 600	Deletion	Sandisk	SNDK	Information Technology
November 28, 2025	S&P SmallCap 600	Deletion	Premier	PINC	Health Care
December 02, 2025	S&P SmallCap 600	Addition	First Interstate BancSystem	FIBK	Financials
December 02, 2025	S&P SmallCap 600	Deletion	Hanesbrands	HBI	Consumer Discretionary

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.spglobal.com/spdji/en/.

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/sandisk-set-to-join-sp-500-upwork-first-interstate-bancsystem-ptc-therapeutics-to-join-sp-smallcap-600-302625036.html

SOURCE S&P Dow Jones Indices

FAQ

When will Sandisk (SNDK) join the S&P 500 and what is the effective date?

Sandisk (SNDK) will join the S&P 500 effective prior to the open on November 28, 2025. According to S&P Dow Jones Indices, the change is scheduled to occur before trading begins on that date.

Which companies are being added to the S&P SmallCap 600 on November 28, 2025?

Upwork (UPWK) and PTC Therapeutics (PTCT) will be added to the S&P SmallCap 600 on November 28, 2025. According to S&P Dow Jones Indices, both additions occur effective prior to the open of trading.

Why is Interpublic (IPG) being removed from the S&P 500 on November 28, 2025?

Interpublic (IPG) is being removed because it is being acquired by Omnicom, with the deal expected to close soon. According to S&P Dow Jones Indices, the pending acquisition triggers the index deletion.

When will First Interstate BancSystem (FIBK) join the S&P SmallCap 600 and why?

First Interstate BancSystem (FIBK) will join the S&P SmallCap 600 effective prior to the open on December 2, 2025. According to S&P Dow Jones Indices, the addition follows index rebalancing tied to recent corporate changes.

What happens to Hanesbrands (HBI) in the S&P SmallCap 600 after Gildan's acquisition?

Hanesbrands (HBI) will be deleted from the S&P SmallCap 600 effective December 2, 2025. According to S&P Dow Jones Indices, Gildan's expected acquisition and related corporate changes lead to the removal.