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.

AI-generated analysis. Not financial advice.

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

Key Figures

Index change effective date: November 13, 2025

1 metrics

Index change effective date November 13, 2025 Effective prior to market open for S&P index rebalancing

Market Reality Check

Price: $882.43 Vol: Volume 388,149 vs. 20-day...

normal vol

$882.43 Last Close

Volume Volume 388,149 vs. 20-day average 469,139 (about 0.83x average) ahead of the change. normal

Technical Price 459.02 is trading above the 200-day MA at 340.71 and within 3.77% of the 52-week high.

Peers on Argus

STRL is up 2.84% while key peers show mixed moves: TTEK +2.92%, IESC +1.25%, DY ...

STRL is up 2.84% while key peers show mixed moves: TTEK +2.92%, IESC +1.25%, DY +1.43%, FLR +1.18%, and ROAD -1.26%, indicating a stock-specific catalyst rather than a uniform sector move.

Common Catalyst Peer headlines today center on project wins and earnings-related scheduling, with no shared index-rebalancing theme.

Historical Context

5 past events · Latest: Mar 24 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 24	Operational expansion	Positive	+5.6%	CEC Facilities secured 379,009 SF lease to expand modular manufacturing hub.
Mar 04	Investor conference	Neutral	+1.1%	Participation in Cantor technology and industrial growth investor conference.
Feb 25	Earnings and guidance	Positive	-1.0%	Reported strong Q4 and 2025 results with detailed 2026 guidance metrics.
Feb 13	Earnings scheduling	Neutral	+1.5%	Announced dates and access details for Q4 and full‑year 2025 results call.
Jan 07	Investor conference	Neutral	-4.7%	Planned participation in Needham Growth Conference with one-on-one meetings.

Pattern Detected

Recent news often saw positive or modestly positive reactions, but strong earnings on Feb 25, 2026 drew a slight negative move, suggesting occasional profit-taking on fundamentally strong updates.

Recent Company History

Over the last several months, Sterling reported strong Q4 and full‑year 2025 results with higher revenue, EBITDA, and EPS, and issued 2026 guidance, yet the stock dipped slightly after that earnings release. Conference participation and scheduling updates around earnings have generally led to small positive moves. Operational expansion via CEC Facilities’ large Texas lease in March 2026 coincided with a stronger gain. Today’s index change fits into a backdrop of solid fundamentals and active investor engagement.

Market Pulse Summary

This announcement details Sterling’s move from the S&P SmallCap 600 to the S&P MidCap 400 effective ...

Analysis

This announcement details Sterling’s move from the S&P SmallCap 600 to the S&P MidCap 400 effective November 13, 2025, reflecting a reclassification within S&P Dow Jones Indices. In recent months, the company reported strong 2025 results, issued 2026 guidance, and expanded operations through a major lease, alongside notable insider selling and governance disclosures. Investors may focus on how index inclusion, operational growth, and governance trends interact with valuation and trading liquidity over time.

Key Terms

s&p midcap 400, s&p smallcap 600, delist, primary listing, +4 more

8 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.

delist regulatory

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

Delist means a company’s shares are removed from a public stock exchange so they can no longer be bought or sold on that market. Think of it like a product being taken off a supermarket shelf: the stock becomes harder to find, often leads to less trading, wider price swings, and reduced transparency, which matters to investors because it can limit ability to sell, change the value of holdings, and signal regulatory or financial problems.

primary listing regulatory

"and intends to keep its primary listing exclusively in Australia."

The primary listing is the main stock exchange where a company’s shares are officially registered and traded, and whose rules and regulators oversee its disclosures and corporate governance. For investors it matters because the primary listing determines the market’s trading hours and currency, the regulatory protections and reporting standards that apply, and where most trading volume and official filings are found—think of it as the stock’s legal “home address.”

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.

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.

s&p 500 financial

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

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.

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.

AI-generated analysis. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

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.