SharkNinja Set to Join S&P MidCap 400; Flowers Foods and F&G Annuities & Life to Join S&P SmallCap 600

Rhea-AI Summary

F&G Annuities & Life (NYSE: FG) will join the S&P SmallCap 600, replacing Mister Car Wash, effective before trading on May 19, 2026. The same announcement details SharkNinja moving into the S&P MidCap 400 and Flowers Foods shifting from the MidCap 400 to the SmallCap 600 on May 18, 2026, tied to pending acquisitions of CSG Systems Intl and Mister Car Wash.

Positive

• FG added to S&P SmallCap 600 effective May 19, 2026

Negative

• None.

News Market Reaction – FLO

-5.43% 1.8x vol

7 alerts

-5.43% Session close to close

$1.54B Market Cap

1.8x Rel. Volume

In the May 14 session, FLO declined 5.43%, reflecting a notable negative market reaction. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -5.4% in the session following this news. A negative reaction despite this mechanica...

Analysis

The stock moved -5.4% in the session following this news. A negative reaction despite this mechanical index change fits a backdrop where FLO already traded 56.21% below its 52-week high and below its 200-day MA. Reclassification from the S&P MidCap 400 to the S&P SmallCap 600 may prompt index-related flows. Recent history shows small declines around management changes and announcements, and insider net selling in the past 90 days could add to caution, even as financing steps and institutional ownership remain notable factors.

Key Figures

2025 Net Sales: $5.256 billion 2025 Diluted EPS: $0.40 2025 Adjusted EPS: $1.09 +5 more

8 metrics

2025 Net Sales $5.256 billion Fiscal 2025 net sales from DEF 14A

2025 Diluted EPS $0.40 Fiscal 2025 diluted EPS from DEF 14A

2025 Adjusted EPS $1.09 Fiscal 2025 adjusted diluted EPS from DEF 14A

2025 Adjusted EBITDA $535 million Fiscal 2025 adjusted EBITDA from DEF 14A

2025 Net Income $83 million Fiscal 2025 net income from DEF 14A

State Street Ownership 11,970,599 shares (5.7%) Schedule 13G as of 03/31/2026

Vanguard Ownership 10,780,780 shares (5.09%) Schedule 13G as of 03/31/2026

Term Loan Facility $400 million Senior unsecured delayed draw term loan from 8-K

Historical Context

5 past events · Latest: May 06 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 06	Earnings date notice	Neutral	-0.2%	Announced timing of Q1 2026 results and investor webcast.
Apr 28	Product launch	Positive	-0.2%	Dave’s Killer Bread introduced new Mini Bagels and seasonal flavor.
Apr 22	Product launch	Positive	+0.3%	Simple Mills launched Regenerative Organic Certified baking mixes.
Apr 08	Management change	Negative	-0.5%	Retirement of chief supply chain officer with search for successor.
Mar 30	Management change	Negative	-0.4%	Departure of chief growth officer and dissolution of the role.

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

Pattern Detected

Recent product and management news often saw small negative or muted price moves, suggesting limited upside follow-through on positive headlines and alignment with downside around leadership changes.

Recent Company History

Over the last few months, Flowers Foods has focused on brand and portfolio development alongside management changes. Product launches under Dave’s Killer Bread and Simple Mills highlighted innovation, while leadership shifts, including the retirement of the chief supply chain officer and departure of the chief growth officer, coincided with modest share price declines. An upcoming Q1 2026 earnings report follows 2025 net sales of $5.3B. Against this backdrop, today’s index reclassification fits into a period of strategic reshaping and mixed market reactions.

Key Terms

s&p midcap 400, s&p smallcap 600, gics sector, s&p 500, +1 more

5 terms

s&p midcap 400 financial

"SharkNinja (NYSE: SN) will replace Flowers Foods Inc. (NYSE: FLO) 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

"Flowers Foods will replace CSG Systems Intl Inc. (NASD: CSGS) 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.

s&p 500 financial

"home to iconic financial market indicators, such as the S&P 500® and the Dow Jones"

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.

View in glossary

dow jones industrial average financial

"such as the S&P 500® and the Dow Jones Industrial Average®."

A stock market index that tracks the share prices of a small group of large, well-known companies to give a quick snapshot of how the broader market is doing. Think of it like a thermometer for the stock market: it uses a handful of heavyweight firms as representative samples to show whether investor sentiment is rising or falling, which helps investors gauge market trends and compare performance over time.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, May 13, 2026 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400, S&P SmallCap 600: 

• SharkNinja (NYSE: SN) will replace Flowers Foods Inc. (NYSE: FLO) in the S&P MidCap 400, and Flowers Foods will replace CSG Systems Intl Inc. (NASD: CSGS) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, May 18. NEC Corporation (TSE: 6701) is acquiring CSG Systems Intl in a deal expected to close soon, pending final closing conditions.
• F&G Annuities & Life Inc. (NYSE: FG) will replace Mister Car Wash Inc. (NASD: MCW) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, May 19. Leonard Green & Partners L.P. is acquiring Mister Car Wash in a deal expected to close soon, 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
May 18, 2026	S&P MidCap 400	Addition	SharkNinja	SN	Consumer Discretionary
May 18, 2026	S&P MidCap 400	Deletion	Flowers Foods	FLO	Consumer Staples
May 18, 2026	S&P SmallCap 600	Addition	Flowers Foods	FLO	Consumer Staples
May 18, 2026	S&P SmallCap 600	Deletion	CSG Systems Intl	CSGS	Industrials
May 19, 2026	S&P SmallCap 600	Addition	F&G Annuities & Life	FG	Financials
May 19, 2026	S&P SmallCap 600	Deletion	Mister Car Wash	MCW	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/sharkninja-set-to-join-sp-midcap-400-flowers-foods-and-fg-annuities--life-to-join-sp-smallcap-600-302771602.html

SOURCE S&P Dow Jones Indices

FAQ

When will F&G Annuities & Life (NYSE: FG) join the S&P SmallCap 600 index?

F&G Annuities & Life is scheduled to join the S&P SmallCap 600 before trading opens on May 19, 2026. According to S&P Dow Jones Indices, FG will replace Mister Car Wash in the Financials sector slot.

Which company will FG (NYSE: FG) replace in the S&P SmallCap 600 on May 19, 2026?

FG will replace Mister Car Wash (NASD: MCW) in the S&P SmallCap 600 effective before the market opens on May 19, 2026. According to S&P Dow Jones Indices, Mister Car Wash is being acquired by Leonard Green & Partners.

What index changes involve SharkNinja (NYSE: SN) and Flowers Foods (NYSE: FLO) in May 2026?

SharkNinja will be added to the S&P MidCap 400 on May 18, 2026, replacing Flowers Foods. According to S&P Dow Jones Indices, Flowers Foods will simultaneously move into the S&P SmallCap 600, replacing CSG Systems Intl ahead of its planned acquisition.

Which companies are being removed from the S&P SmallCap 600 in May 2026?

CSG Systems Intl and Mister Car Wash are set to be removed from the S&P SmallCap 600 on May 18 and May 19, 2026. According to S&P Dow Jones Indices, each removal is linked to pending acquisition deals expected to close soon.

Why is CSG Systems Intl (NASD: CSGS) leaving the S&P SmallCap 600 in May 2026?

CSG Systems Intl is leaving the S&P SmallCap 600 because NEC Corporation is acquiring the company. According to S&P Dow Jones Indices, its deletion and Flowers Foods’ addition to the index take effect before trading opens on May 18, 2026.

How do the May 2026 S&P index changes affect FG (NYSE: FG) classification?

FG will be classified in the Financials sector within the S&P SmallCap 600 starting May 19, 2026. According to S&P Dow Jones Indices, FG’s addition is part of a broader rebalancing tied to multiple acquisition-driven deletions.