Shares of Palo Alto Networks Inc. rallied in the extended session Friday after S&P Dow Jones said it would include the cybersecurity platform company’s stock in the S&P 500 index.
Palo Alto Networks
PANW,
shares surged as much as 5% in after-hours trading, following the announcement that Palo Alto Networks will replace Dish Network Corp.
DISH,
on the S&P 500
SPX,
The move will happen June 20, following the Juneteenth holiday on June 19, in a quarterly rebalancing of the index.
Palo Alto Networks, which recently reported earnings and sees AI transforming the software industry over the next 12 months, has seen its shares rally 55.7% year to date, resulting in a market cap of $66.44 billion. The S&P 500 has gained 11.5% on the year.
Read: Palo Alto Networks, software industry to undergo AI ‘transformation’ over next 12 months, CEO says
Dish shares declined nearly 3% after hours after being demoted to a different S&P index. Shares experienced a 16.2% rally in the regular session Friday, following a report that Amazon.com Inc.
AMZN,
is in talks to offer mobile phone service free to Prime members.
Dish will replace skin-care device maker Cutera Inc.
CUTR,
on the S&P MidCap 400 index
MID,
S&P said, noting that the changes are to “ensure each index is more representative of its market capitalization range.” Dish shares have fallen 48% this year, resulting in a market cap of $3.89 billion.
Read: Verizon’s stock sinks to 12-year low while Dish’s soars after report Amazon is in talks to offer mobile plans for Prime members
After rising 1.1% to close Friday at $17.15, Cutera shares fell more than 5% after hours. At Friday’s close, shares were already down 61.2% year to date as the company has undergone a leadership shake-up, giving the company a market cap of $340 million, according to FactSet data.
Read: Cutera stock slides after earnings; company appoints interim CFO, reaches board deal with big investors
