Shares of DocuSign (DOCU) and MDU Resources Group (MDU) advanced 8% and 4%, respectively, soon after markets opened Tuesday, a day after S&P Global announced changes to its indexes.
DocuSign is set to replace MDU in the S&P MidCap 400 index, while MDU is moving to the S&P SmallCap 600 index, bumping Chuy Holdings (CHUY).
S&P Global explained that the latter decision was based on the fact that Chuy is being purchased by S&P 500 Index member Darden Restaurants (DRI), and that deal is expected to close soon. It added that MDU plans to spin off a company, its Everus Construction Group subsidiary, later this month.
All of the index moves will become effective before the opening of trading on Friday.
Stocks often get a lift or turn lower when S&P Global shifts the membership of its indexes since inclusion exposes them to a wider group of investors who could become aware of a company through an index. They can also be added to various index funds that track stocks that are added to the measures. The opposite is true as well.
DocuSign stock is about 14% higher year-to-date, while MDU Resources Group shares are up 44% in 2024.
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