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

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.

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

Argus Nov 7 session

+4.71% close to close Open Argus

Details

News Market Reaction – RRR

In the Nov 7 session, RRR gained 4.71%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement repositions Red Rock Resorts within major U.S. equity indices, with the stock adde...

Analysis

This announcement repositions Red Rock Resorts within major U.S. equity indices, with the stock added to the S&P SmallCap 600 effective November 13, 2025. That change alters its index peer group but occurs against a backdrop of prior earnings growth and mixed price reactions to positive fundamentals. Investors monitoring this development may focus on how index membership interacts with existing strategies, dividend and buyback policies, and the company’s exposure to Las Vegas-focused gaming trends.

Key Figures

Current price: $56.54 Market cap: $3,323,725,774 Price vs 52-week high: -18.05% +2 more

Current price

$56.54

Pre-news trading price for RRR

Market cap

$3,323,725,774

Equity value before index change announcement

Price vs 52-week high

-18.05%

Relative to 52-week high of $68.99

Price vs 52-week low

44.44%

Above 52-week low of $39.145

Index change effective date

Nov 13, 2025

Date RRR joins S&P SmallCap 600 and STRL moves to MidCap 400

Historical Context

4 past events · Latest: Mar 31

4 events

1. Mar 31

   Earnings date set

   24h Move

   +2.2%

   Announced Q1 2026 earnings release and conference call timing details.

2. Feb 10

   FY 2025 earnings

   24h Move

   -2.9%

   Reported FY 2025 revenue, income and EBITDA growth plus special and regular dividends.

3. Jan 07

   Earnings date set

   24h Move

   -1.3%

   Scheduled Q4 and full-year 2025 results release and conference call logistics.

4. Oct 28

   Q3 2025 earnings

   24h Move

   -11.7%

   Posted Q3 2025 growth, dividend declaration and expansion of share repurchase authorization.

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

Key Terms

s&p midcap 400, s&p smallcap 600, gics sector, nasdaq stock exchange, +1 more

5 terms

s&p midcap 400 financial

"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 financial

"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.

gics sector financial

"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.

nasdaq stock exchange financial

"Light & Wonder is expected to delist from the NASDAQ Stock Exchange"

A U.S.-based electronic stock exchange where shares of many publicly traded companies are bought and sold, functioning like a large online marketplace for stocks. It matters to investors because it provides a central place for real-time prices and easy trading, enforces listing rules that signal a company's credibility, and helps determine how quickly and cheaply investors can buy or sell shares.

index-based technical

"largest global resource for essential index-based concepts, data and research"

Something described as "index-based" is tied to a market index — a broad list of stocks or bonds that represents a segment of the market — so its performance follows that index’s movements. For investors this matters because index-based funds or contracts offer an easy, low-cost way to get the same mix and risk exposure as the index, like buying a pre-mixed basket instead of choosing each ingredient, though returns can differ slightly due to fees or tracking differences.

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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.