Sterling Infrastructure Set to Join S&P MidCap 400 and Red Rock Resorts to Join S&P SmallCap 600

Rhea-AI Summary

Light & Wonder (NASDAQ: LNW) will be removed from the S&P MidCap 400 and is expected to delist from NASDAQ on or around Nov 13, 2025, keeping its primary listing in Australia. Sterling Infrastructure (STRL) joins the S&P MidCap 400 on that date, and Red Rock Resorts (RRR) joins the S&P SmallCap 600.

The index changes take effect prior to the market open on Nov 13, 2025, per S&P Dow Jones Indices; the press release lists additions and deletions and the GICS sectors for each company.

Positive

• STRL added to S&P MidCap 400 effective Nov 13, 2025
• RRR added to S&P SmallCap 600 effective Nov 13, 2025

Negative

• LNW deleted from S&P MidCap 400 effective Nov 13, 2025
• LNW expected to delist from NASDAQ on or around Nov 13, 2025
• STRL deleted from S&P SmallCap 600 effective Nov 13, 2025

News Market Reaction – LNW

+1.08%

16 alerts

+1.08% Session close to close

+5.9% Peak in 1 hr 1 min

$7.22B Market Cap

0.1x Rel. Volume

In the Nov 7 session, LNW gained 1.08%, reflecting a mild positive market reaction. Argus tracked a peak move of +5.9% during that session. Our momentum scanner triggered 16 alerts that day, indicating notable trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details S&P index rebalancing tied to LNW’s planned Nasdaq delisting and exclusive...

Analysis

This announcement details S&P index rebalancing tied to LNW’s planned Nasdaq delisting and exclusive Australian listing effective November 13, 2025. The stock had already experienced notable moves around recent earnings, legal developments, and the original delisting notice. Investors may focus on how removal from the S&P MidCap 400 affects ownership, trading liquidity, and any subsequent updates on the company’s operational performance and litigation milestones.

Key Figures

Price change 24h: -3.72% Volume vs average: 9.68x Price vs 52-week high: -24.33% +1 more

4 metrics

Price change 24h -3.72% LNW move prior to/around index removal announcement

Volume vs average 9.68x Today’s LNW volume relative to 20-day average

Price vs 52-week high -24.33% Distance from LNW 52-week high of $113.945

Effective date November 13, 2025 S&P index changes effective prior to market open

Historical Context

3 past events · Latest: Nov 05 (Positive)

Pattern 3 events

Date	Event	Sentiment	24h Move	Catalyst
Nov 05	Q3 2025 earnings	Positive	+8.5%	Strong Q3 2025 revenue, earnings, and cash flow growth across key segments.
Oct 23	Nasdaq delisting notice	Neutral	+0.1%	Plan to delist from Nasdaq and consolidate primary listing on ASX.
Oct 17	Litigation update	Negative	-3.2%	Nevada court granted discovery of math models in certain games to Aristocrat.

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

Pattern Detected

Across recent earnings, delisting, and litigation updates, LNW’s 24-hour price moves have consistently aligned with the apparent tone of each announcement.

Recent Company History

Over the last few months, LNW reported solid Q3 2025 results on Nov 5, 2025 with revenue and profit growth, which coincided with a positive 8.54% move. Earlier, on Oct 23, 2025, the company announced its planned Nasdaq delisting and ASX-only listing, to which the stock was largely unchanged. A Nevada litigation update on Oct 17, 2025, involving discovery of math models in certain games, saw a -3.22% reaction. Today’s index-removal news fits into this transition away from a U.S. listing.

Key Terms

s&p midcap 400, s&p smallcap 600, s&p 500, dow jones industrial average

4 terms

s&p midcap 400 technical

"Nov 13, 2025 | S&P MidCap 400 | Addition | Sterling Infrastructure"

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

"Nov 13, 2025 | S&P SmallCap 600 | Addition | Red Rock Resorts"

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.

s&p 500 technical

"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 technical

"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, Nov. 6, 2025 /PRNewswire/ -- Sterling Infrastructure Inc. (NASD: STRL) will replace Light & Wonder Inc. (NASD: LNW) in the S&P MidCap 400, and Red Rock Resorts Inc. (NASD: RRR) will replace Sterling Infrastructure in the S&P SmallCap 600 effective prior to the opening of trading on Thursday, November 13. Light & Wonder is expected to delist from the NASDAQ Stock Exchange on or around that date and intends to keep its primary listing exclusively in Australia.

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 13, 2025	S&P MidCap 400	Addition	Sterling Infrastructure	STRL	Industrials
Nov 13, 2025	S&P MidCap 400	Deletion	Light & Wonder	LNW	Consumer Discretionary
Nov 13, 2025	S&P SmallCap 600	Addition	Red Rock Resorts	RRR	Consumer Discretionary
Nov 13, 2025	S&P SmallCap 600	Deletion	Sterling Infrastructure	STRL	Industrials

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/sterling-infrastructure-set-to-join-sp-midcap-400-and-red-rock-resorts-to-join-sp-smallcap-600-302607938.html

SOURCE S&P Dow Jones Indices

FAQ

When will Light & Wonder (LNW) be removed from the S&P MidCap 400?

Light & Wonder (LNW) will be removed prior to the open on Nov 13, 2025. According to S&P Dow Jones Indices, the deletion is effective before trading begins that day and coincides with related index rebalancing actions.

What change affects Light & Wonder (LNW) listing around Nov 13, 2025?

Light & Wonder (LNW) is expected to delist from NASDAQ on or around Nov 13, 2025. According to S&P Dow Jones Indices, the company intends to keep its primary listing exclusively in Australia.

Which company replaces Light & Wonder (LNW) in the S&P MidCap 400?

Sterling Infrastructure (STRL) will replace Light & Wonder in the S&P MidCap 400 effective Nov 13, 2025. According to S&P Dow Jones Indices, STRL's addition is scheduled prior to the market open that day.

What index change involves Red Rock Resorts (RRR) on Nov 13, 2025?

Red Rock Resorts (RRR) will be added to the S&P SmallCap 600 effective Nov 13, 2025. According to S&P Dow Jones Indices, RRR's addition occurs prior to the opening of trading on that date.

How does Sterling Infrastructure (STRL) move between indices on Nov 13, 2025?

Sterling Infrastructure (STRL) will be added to the S&P MidCap 400 and removed from the S&P SmallCap 600 on Nov 13, 2025. According to S&P Dow Jones Indices, both the addition and deletion take effect before market open.

Will the S&P index changes for Nov 13, 2025 affect sector classifications for the involved companies?

The announcement lists GICS sectors: STRL as Industrials and LNW and RRR as Consumer Discretionary. According to S&P Dow Jones Indices, these sector tags accompany the additions and deletions effective Nov 13, 2025.