TTM Technologies, Dutch Bros, Advanced Energy Industries, and American Healthcare REIT Set to Join S&P MidCap 400; Others to Join S&P SmallCap 600

Rhea-AI Summary

LegalZoom (NASD: LZ) will join the S&P SmallCap 600 effective prior to market open on Feb 2, 2026, as S&P Dow Jones Indices adjusts both the S&P MidCap 400 and S&P SmallCap 600.

Multiple additions and deletions occur on Jan 30, 2026 and Feb 2, 2026, including TTM Technologies, Dutch Bros, Advanced Energy Industries, American Healthcare REIT, and corresponding deletions tied to pending mergers and a liquidation.

Positive

• LegalZoom (LZ) added to S&P SmallCap 600 effective Feb 2, 2026
• TTM Technologies promoted to S&P MidCap 400 effective Jan 30, 2026
• Three additions to S&P MidCap 400 on Feb 2, 2026 (BROS, AEIS, AHR)

Negative

• Deletions tied to pending bank and energy mergers remove several MidCap names
• Elme Communities removed due to ongoing liquidation activities

Key Figures

Effective date: Jan 30, 2026 Effective date: Feb 2, 2026 Index level: S&P MidCap 400 +3 more

6 metrics

Effective date Jan 30, 2026 Index changes involving TTM Technologies and Civitas Resources

Effective date Feb 2, 2026 Index changes involving Dutch Bros, AEIS, AHR, others

Index level S&P MidCap 400 Destination index for multiple additions and deletions

Index level S&P SmallCap 600 Origin or destination index for several companies

Index level S&P 500 Index of acquirers Fifth Third Bancorp and Huntington Bancshares

GICS sectors Information Technology, Energy, Health Care, etc. Sector classifications in the index changes table

Market Reality Check

Price: $30.47 Vol: Volume 4,603,879 vs 20-da...

normal vol

$30.47 Last Close

Volume Volume 4,603,879 vs 20-day average 6,247,409 (relative volume 0.74). normal

Technical Trading above 200-day MA at $23.63, at -13.23% vs 52-week high and 65.33% above 52-week low.

Peers on Argus

While SM shows a 1.66% prior-day gain, close peers like GPOR (-3.91%), CIVI (-4....

1 Down

While SM shows a 1.66% prior-day gain, close peers like GPOR (-3.91%), CIVI (-4.86%), BSM (-1.7%), NOG (-1.05%) and MUR (-1.49%) were down. Momentum scanner flagged CRK at -4.30%, reinforcing that recent SM action appeared stock-specific rather than a broad Oil & Gas E&P move.

Historical Context

5 past events · Latest: Apr 07 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Apr 07	Earnings call schedule	Neutral	-8.1%	Announced dates and access details for Q1 2026 earnings call.
Apr 02	Tender offer results	Positive	+3.8%	Reported final acceptance of $893,995,000 of 2028 notes in cash tender.
Mar 18	Tender offer upsized	Positive	+1.7%	Increased tender size to $1,000,000,000 and reported strong early tenders.
Mar 04	2034 notes pricing	Neutral	+4.2%	Priced $1.0 billion of 6.625% senior notes due 2034 in private offering.
Mar 04	Tender offer launch	Positive	+1.9%	Launched cash tender offer for up to $750,000,000 of 2028 notes.

Pattern Detected

Recent news has focused on balance sheet actions around the Civitas merger, with three of five tracked items (mainly debt tenders and financing) coinciding with positive price reactions, while neutral announcements sometimes saw sharp downside.

Recent Company History

Over the last few months, SM Energy has emphasized balance sheet and capital structure moves tied to its Civitas Resources merger. It launched and upsized a cash tender offer for up to $1,000,000,000 of 8.375% notes, ultimately repurchasing $893,995,000, and issued $1.0 billion of new 6.625% 2034 notes. These debt-management steps often aligned with positive price moves. In contrast, a routine conference-call scheduling on April 7, 2026 saw a notable negative reaction, showing not all neutral items are treated similarly.

Market Pulse Summary

This announcement details S&P index changes driven by M&A and corporate actions, noting that SM Ener...

Analysis

This announcement details S&P index changes driven by M&A and corporate actions, noting that SM Energy’s acquisition of Civitas Resources keeps SM within the S&P SmallCap 600 while CIVI exits. For SM, this follows extensive debt-tender activity and a completed merger that expanded its footprint. Investors may focus on how integration progresses, the impact of Civitas-related debt management, and SM’s position between its $17.45 52-week low and $33.25 high within the Oil & Gas E&P sector.

Key Terms

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

5 terms

s&p midcap 400 financial

"Jan 30, 2026 | S&P MidCap 400 | Addition | TTM Technologies"

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

"Jan 30, 2026 | S&P SmallCap 600 | Addition | Amneal Pharmaceuticals"

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 financial

"S&P 500 constituent Fifth Third Bancorp (NASD: FITB) is acquiring"

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.

gics sector financial

"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.

index-based financial

"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. Not financial advice.

NEW YORK, Jan. 27, 2026 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400, S&P SmallCap 600:

• S&P SmallCap 600 constituent TTM Technologies Inc. (NASD: TTMI) will replace Civitas Resources Inc. (NYSE: CIVI) in the S&P MidCap 400, and Amneal Pharmaceuticals Inc. (NASD: AMRX) will replace TTM Technologies in the S&P SmallCap 600 effective prior to the opening of trading on Friday, January 30. S&P SmallCap 600 constituent SM Energy Co. (NYSE: SM) is acquiring Civitas Resources in a deal expected to be completed soon, pending final closing conditions. SM Energy will remain in the S&P SmallCap 600 post-merger.
• Dutch Bros Inc. (NYSE: BROS) will replace PotlatchDeltic Corp. (NASD: PCH) in the S&P MidCap 400 effective prior to the opening of trading on Monday, February 2. S&P MidCap 400 constituent Rayonier Inc. (NYSE: RYN) is acquiring PotlatchDeltic in a deal expected to be completed soon, pending final closing conditions. Rayonier will remain in the S&P MidCap 400 post-merger.
• S&P SmallCap 600 constituent Advanced Energy Industries Inc. (NASD: AEIS) will replace Comerica Inc. (NYSE: CMA) in the S&P MidCap 400, and Apellis Pharmaceuticals Inc. (NASD: APLS) will replace Advanced Energy Industries in the S&P SmallCap 600 effective prior to the opening of trading on Monday, February 2. S&P 500 constituent Fifth Third Bancorp (NASD: FITB) is acquiring Comerica in a deal expected to be completed soon, pending final closing conditions.
• American Healthcare REIT Inc. (NYSE: AHR) will replace Cadence Bank (NYSE: CADE) in the S&P MidCap 400 effective prior to the opening of trading on Monday, February 2. S&P 500 constituent Huntington Bancshares Inc. (NASD: HBAN) is acquiring Cadence Bank in a deal expected to be completed soon, pending final closing conditions.
• LegalZoom.com Inc. (NASD: LZ) will replace Elme Communities (NYSE: ELME) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, February 2. Elme Communities has announced ongoing liquidation activities and is no longer appropriate for the S&P SmallCap 600.

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
Jan 30, 2026	S&P MidCap 400	Addition	TTM Technologies	TTMI	Information Technology
Jan 30, 2026	S&P MidCap 400	Deletion	Civitas Resources	CIVI	Energy
Jan 30, 2026	S&P SmallCap 600	Addition	Amneal Pharmaceuticals	AMRX	Health Care
Jan 30, 2026	S&P SmallCap 600	Deletion	TTM Technologies	TTMI	Information Technology
Feb 2, 2026	S&P MidCap 400	Addition	Dutch Bros	BROS	Consumer Discretionary
Feb 2, 2026	S&P MidCap 400	Addition	Advanced Energy Industries	AEIS	Information Technology
Feb 2, 2026	S&P MidCap 400	Addition	American Healthcare REIT	AHR	Real Estate
Feb 2, 2026	S&P MidCap 400	Deletion	Comerica	CMA	Financials
Feb 2, 2026	S&P MidCap 400	Deletion	Cadence Bank	CADE	Financials
Feb 2, 2026	S&P MidCap 400	Deletion	PotlatchDeltic	PCH	Real Estate
Feb 2, 2026	S&P SmallCap 600	Addition	Apellis Pharmaceuticals	APLS	Health Care
Feb 2, 2026	S&P SmallCap 600	Addition	LegalZoom.com	LZ	Industrials
Feb 2, 2026	S&P SmallCap 600	Deletion	Advanced Energy Industries	AEIS	Information Technology
Feb 2, 2026	S&P SmallCap 600	Deletion	Elme Communities	ELME	Real Estate

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/ttm-technologies-dutch-bros-advanced-energy-industries-and-american-healthcare-reit-set-to-join-sp-midcap-400-others-to-join-sp-smallcap-600-302671845.html

SOURCE S&P Dow Jones Indices

FAQ

When will LegalZoom (LZ) be added to the S&P SmallCap 600?

LegalZoom (LZ) will be added prior to market open on Feb 2, 2026. According to S&P Dow Jones Indices, the change replaces Elme Communities and follows index rebalancing rules tied to company status and liquidity.

What does LegalZoom's (LZ) S&P SmallCap 600 inclusion mean for investors?

Inclusion may increase passive fund demand and trading volume for LegalZoom (LZ). According to S&P Dow Jones Indices, index-linked funds typically rebalance to track constituents on the effective date, which can affect short-term liquidity.

Which companies were added to the S&P MidCap 400 on Feb 2, 2026?

Dutch Bros (BROS), Advanced Energy Industries (AEIS), and American Healthcare REIT (AHR) were added on Feb 2, 2026. According to S&P Dow Jones Indices, these additions correspond with deletions tied to pending acquisitions and corporate changes.

Why was Elme Communities removed from the S&P SmallCap 600?

Elme Communities was removed because it has announced ongoing liquidation activities and is no longer appropriate for the index. According to S&P Dow Jones Indices, such corporate status makes a company ineligible for continued inclusion.

How does the Jan 30, 2026 change affect TTM Technologies (TTMI)?

TTM Technologies (TTMI) will move from the S&P SmallCap 600 to the S&P MidCap 400 on Jan 30, 2026. According to S&P Dow Jones Indices, this reflects the company meeting midcap inclusion criteria and triggers index fund rebalancing.

Are the deletions on Feb 2, 2026 related to mergers or acquisitions?

Yes, several deletions correspond to pending mergers, including Comerica, Cadence Bank, and PotlatchDeltic. According to S&P Dow Jones Indices, acquiring companies are expected to remain in the indices post-merger when applicable.