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.

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 date: 23-Sep-24 Current price: $689.89 52-week high: $694.88 +5 more

8 metrics

Index change date 23-Sep-24 Effective date for S&P index rebalancing

Current price $689.89 Prior to index change announcement context

52-week high $694.88 FN trading near 52-week high range

52-week low $167.33 Low for the past 52 weeks

Price vs 52-week low 312.29% Current price appreciation from 52-week low

Market cap $23,721,546,849 Equity value prior to index inclusion

Daily volume 665,103 shares Latest trading day volume

20-day avg volume 725,334 shares Recent average trading liquidity

Market Reality Check

Price: $706.53 Vol: Volume 665,103 vs 20-day ...

normal vol

$706.53 Last Close

Volume Volume 665,103 vs 20-day average 725,334 shows typical trading activity ahead of the index change. normal

Technical Price 689.89 is trading above the 200-day MA at 427.94, reflecting a sustained uptrend.

Peers on Argus

FN gained 4.19% while key peers FLEX, JBL, CLS, TEL, and GLW also showed positiv...

FN gained 4.19% while key peers FLEX, JBL, CLS, TEL, and GLW also showed positive moves between 2.56% and , but momentum scanners did not flag a coordinated sector move.

Historical Context

5 past events · Latest: Mar 10 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 10	Conference Q&A sessions	Neutral	+2.9%	Announced investor and analyst Q&A sessions at OFC 2026.
Feb 11	CSR report release	Neutral	-0.8%	Published 2025 Corporate Responsibility Report with sustainability updates.
Feb 02	Earnings beat, guidance	Positive	-10.2%	Reported record Q2 FY26 results and strong Q3 guidance above prior expectations.
Jan 20	Earnings date notice	Neutral	-2.4%	Set date and details for upcoming Q2 FY26 earnings release and call.
Dec 03	Conference presentation	Neutral	+5.5%	Announced presentation at Barclays Global Technology Conference with webcast access.

Pattern Detected

FN often trades higher on conference-related news but has shown at least one sharp divergence, selling off after strong earnings guidance.

Recent Company History

Recent FN news featured strong fundamental performance and active investor outreach. Record Q2 FY26 earnings with revenue of $1,132.9M and EPS above guidance were followed by a -10.22% move, indicating occasional profit-taking on good results. By contrast, conference appearances and Q&A events in Dec 2025 and Mar 2026 coincided with gains of 5.47% and 2.94%. This index reclassification comes after multiple positive fundamental and visibility milestones.

Market Pulse Summary

This announcement reclassifies FN from the S&P SmallCap 600 to the S&P MidCap 400 effective Septembe...

Analysis

This announcement reclassifies FN from the S&P SmallCap 600 to the S&P MidCap 400 effective September 23, 2024, indicating it has grown beyond the small-cap range. The change follows record quarterly revenue of $1,132.9M and a share price near its $694.88 52-week high, supported by strong fundamentals. Investors may watch how index-tracking funds adjust positions and how future earnings and regulatory filings, including 10-Q and 8-K updates, confirm the company’s trajectory within its new index peer group.

Key Terms

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

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 financial

GICS is the Global Industry Classification Standard, a widely used system that groups publicly traded companies into sectors and industries so investors can compare, track and build portfolios by business type. Think of it like supermarket aisles that organize products—GICS organizes companies, making it easier to see trends, measure performance, and manage diversification across areas such as technology, healthcare, or consumer goods.

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

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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.