S&P Dow Jones Indices will reshuffle small‑ and mid‑cap indexes effective prior to trading on October 1 and October 2, 2024. The Ensign Group (ENSG) moves into the S&P MidCap 400; Curbline Properties (CURB) and TransMedics (TMDX) join the S&P SmallCap 600.
Chesapeake Energy (CHK) is acquiring Southwestern Energy (SWN) in a deal expected to complete October 1, prompting SWN's removal and Cross Country Healthcare (CCRN) to be deleted October 2.
ENSG added to S&P MidCap 400 effective October 1, 2024
CURB and TMDX added to S&P SmallCap 600 effective October 1, 2024
CHK acquisition of SWN expected to close October 1, 2024
Negative
SWN removed from S&P MidCap 400 effective October 1, 2024
ENSG removed from S&P SmallCap 600 effective October 1, 2024
CCRN removed from S&P SmallCap 600 effective October 2, 2024
What This Means
This announcement confirmed that Southwestern Energy would be removed from the S&P MidCap 400 as Che...
Analysis
This announcement confirmed that Southwestern Energy would be removed from the S&P MidCap 400 as Chesapeake Energy’s acquisition was expected to complete on October 1, 2024. Such index changes can influence ownership by index-tracking funds and arbitrage activity around the effective dates. Investors may focus on deal completion timing, closing conditions, and any remaining spread versus terms, while also monitoring how index inclusion or deletion affects liquidity and trading dynamics for the companies involved.
Key Figures
Effective date:October 1, 2024Additional effective date:October 2, 2024First index year:1884
3 metrics
Effective dateOctober 1, 2024Index changes effective prior to market open
Additional effective dateOctober 2, 2024Removal of Cross Country Healthcare from S&P SmallCap 600
First index year1884Year Charles Dow invented the first index
"The Ensign Group Inc. (NASD: ENSG) will replace Southwestern Energy Co. (NYSE: SWN) in the S&P MidCap 400"
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 600financial
"TransMedics Group, Inc. (NASD: TMDX) will replace The Ensign Group in the S&P SmallCap 600"
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 sectorfinancial
"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.
s&p 500financial
"home to iconic financial market indicators, 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 averagefinancial
"home to iconic financial market indicators, 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.
NEW YORK, Sept. 26, 2024 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P SmallCap 600 and S&P MidCap 400:
S&P SmallCap 600 constituent The Ensign Group Inc. (NASD: ENSG) will replace Southwestern Energy Co. (NYSE: SWN) in the S&P MidCap 400 and TransMedics Group, Inc. (NASD: TMDX) will replace The Ensign Group in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, October 1. S&P MidCap 400 constituent Chesapeake Energy Corp. (NASD: CHK) is acquiring Southwestern Energy in a deal expected to be completed October 1.
Curbline Properties Corp. (NYSE: CURB) will be added to the S&P SmallCap 600 effective prior to the open of trading on Tuesday, October 1, replacing Cross Country Healthcare Inc. (NASD: CCRN), which will be removed from the S&P SmallCap 600 effective prior to the opening of trading on Wednesday, October 2. S&P SmallCap 600 constituent SITE Centers Corp. (NYSE: SITC) is spinning off Curbline Properties in a transaction expected to be completed on October 1. Cross Country Healthcare is no longer representative of the small-cap market space.
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
October 1, 2024
S&P MidCap 400
Addition
The Ensign Group
ENSG
Health Care
October 1, 2024
S&P MidCap 400
Deletion
Southwestern Energy
SWN
Energy
October 1, 2024
S&P SmallCap 600
Addition
Curbline Properties
CURB
Real Estate
October 1, 2024
S&P SmallCap 600
Addition
TransMedics Group.
TMDX
Health Care
October 1, 2024
S&P SmallCap 600
Deletion
The Ensign Group
ENSG
Health Care
October 2, 2024
S&P SmallCap 600
Deletion
Cross Country Healthcare
CCRN
Health Care
For more information about S&P Dow Jones Indices, please visit www.spdji.com
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.spdji.com.
What does ENGS (ENSG) joining the S&P MidCap 400 mean for investors?
ENSG's addition may increase index‑linked demand for its shares starting October 1, 2024. According to S&P Dow Jones Indices, ENSG will replace Southwestern Energy in the S&P MidCap 400, shifting index exposure between health care and energy sectors.
Why are Curbline Properties (CURB) and TransMedics (TMDX) added to the S&P SmallCap 600 on October 1, 2024?
CURB and TMDX meet S&P DJI criteria for small‑cap inclusion effective October 1, 2024. According to S&P Dow Jones Indices, Curbline is being spun off and TransMedics replaces ENSG in the SmallCap 600 as part of the scheduled reconstitution.
How will Chesapeake Energy's (CHK) acquisition of Southwestern Energy (SWN) affect index membership?
CHK's acquisition of SWN is expected to close October 1, 2024 and triggers SWN's removal from the MidCap 400. According to S&P Dow Jones Indices, the deal prompts the index reshuffle that moves ENSG into MidCap 400.
When will Cross Country Healthcare (CCRN) be removed from the S&P SmallCap 600?
CCRN will be deleted from the S&P SmallCap 600 effective prior to the open on October 2, 2024. According to S&P Dow Jones Indices, Cross Country is no longer representative of the small‑cap market space, prompting the removal.
When do the S&P index changes take effect for investors tracking ENSG, CURB, TMDX, SWN, and CCRN?
Most changes take effect prior to opening on October 1, 2024; CCRN's deletion is effective October 2, 2024. According to S&P Dow Jones Indices, additions and deletions are scheduled to align with the completion of related corporate transactions.
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