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

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 FLEX’s addition to the S&P MidCap 400 effective Nov 25, 2024, reflecting i...

Analysis

This announcement details FLEX’s addition to the S&P MidCap 400 effective Nov 25, 2024, reflecting its market capitalization and profile relative to other constituents. The change follows a period of strong share performance, with price near a 52-week high and above the 200-day MA. Recent history includes an accretive acquisition agreement and AI-related growth initiatives. Investors may monitor future index-related fund flows, execution on the EP2 transaction, and subsequent quarterly filings for further context.

Key Figures

Index effective date: Nov 25, 2024 SmallCap switch date: Nov 25, 2024 Second SmallCap change date: Nov 27, 2024 +5 more

8 metrics

Index effective date Nov 25, 2024 FLEX added to S&P MidCap 400 before market open

SmallCap switch date Nov 25, 2024 AZTA moves from S&P MidCap 400 to S&P SmallCap 600

Second SmallCap change date Nov 27, 2024 CON added to S&P SmallCap 600, MYE deleted

Concentra spin shares 80% of shares SEM distributing 80% of Concentra Group Holdings shares to shareholders

FLEX 1-day move 2.05% Price change before index news date context

52-week high 78.46 FLEX trades <1% below 52-week high pre-news

52-week low 28.5001 FLEX up strongly versus 52-week low before index change

Market capitalization $28,215,296,928 Pre-news market cap used for index eligibility context

Historical Context

5 past events · Latest: Apr 07 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 07	Risk-data program	Positive	+0.8%	Launch of hail-risk data sharing program to reduce insurance costs.
Mar 30	Acquisition deal	Positive	-6.5%	Agreement to acquire EP2 in an all-cash transaction valued at $1.1B.
Mar 16	AI infrastructure	Positive	+1.5%	New NVIDIA Omniverse DSX reference designs for faster AI factory deployment.
Mar 11	Cooling partnership	Positive	+4.1%	Collaboration on liquid cooling for next‑gen AI XPUs using FLEX manufacturing.
Mar 10	ESG targets	Neutral	-0.7%	SBTi‑validated emissions targets and ESG program update for NXT platform.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

FLEX has mostly traded in line with news tone, with one notable divergence on a large acquisition announcement.

Recent Company History

Over the last several months, FLEX’s news flow has focused on strategic growth and technology initiatives, including an agreement to acquire Electrical Power Products for roughly $1.1 billion and AI-focused infrastructure offerings. The EP2 deal prompted a negative price reaction despite being framed as EPS-accretive, while AI-related announcements and collaborations generally aligned with positive share moves. Against this backdrop, the S&P index inclusion highlights FLEX’s increased scale and market profile, complementing its prior expansion and capital deployment steps rather than changing the fundamental story.

Key Terms

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

3 terms

s&p midcap 400 financial

"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 financial

"Azenta 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

"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. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

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.