April 16, 2024
Palo Alto Networks climbs on promotion to S&P 500, while Dish drops out

Palo Alto Networks climbs on promotion to S&P 500, while Dish drops out

Here are some prospective movers to keep an eye on Monday, as the U.S. stock market, appeared poised for a muted start to the new week.

Stock gainers:

Shares of Palo Alto Networks Inc. PANW, +0.21% rose 5% in premarket on Monday after S&P Dow Jones promoted the $66 billion cybersecurity company to the S&P 500 index SPX, +1.45% in a series of quarterly index adjustments to account for market cap.

Shares of Planet Fitness Inc. PLNT, +0.92% moved 4% higher ahead of the open, with Zoominfo Technologies Inc. ZI, +2.08% and Doximity Inc. DOCS, +4.69% also posting modest gains after the S&P moved the stocks to its S&P MidCap 400 index MID, +3.27%.

Meanwhile, shares of Dropbox Inc. DBX, +2.11% and Wesco International Inc. WCC, +7.23% rose more than 3% on their midcap index inclusion late Friday.

Stock decliners:

Dish Network Inc. shares DISH, +16.24% declined nearly 6% after the S&P made room for Palo Alto Networks by cutting the TV-services company from the large cap index, and moved it to the midcap index.

Shares of Gannett Inc. GCI, +2.74% fell 3% and Zumiez Inc. ZUMZ, -1.46% fell 4% on their scheduled removal from the small cap index.

— Barbara Kollmeyer contributed to this report

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