'For the first time since 2019, the five largest companies in the Russell U.S. Indexes shifted,' says FTSE Russell, citing the annual rebalancing.
Facebook parent Meta Platforms Inc., whose shares have tumbled over the past year, is set to become a value stock based on preliminary data for the rebalancing of the Russell U.S. equity indexes later this month, according to Jefferies.
Rank day is when FTSE Russell kicked off its annual rebalancing process for its Russell U.S. indexes. Shares of Meta FB, +1.82% have slumped about 42% this year through Monday, and are down around 41% in the past 12 months, according to FactSet data. The company, which is part of the communication-services sector, had a market value of around $516 billion on June 3, FactSet data shows.Also see: Facebook parent company Meta Platforms to change ticker symbol to META on June 9
For example, Jefferies pointed to “big sector shifts” in the Russell 2000 Value Index RUJ, +0.60%, where energy is expected to see its weighting drop 5.8 percentage points to 6%. By contrast, energy is set to become a bigger part of the new Russell 2000 Growth Index RUO, +0.08%, with its weight jumping 3.1 percentage points to 7.5%, the Jefferies report shows.
“Energy is this year’s standout industry, leading the other industries in terms of index performance and the number of companies graduating from the Russell 2000 Index to the Russell 1000 Index,” said Catherine Yoshimoto, FTSE Russell’s director of product management for the Russell U.S. indexes, in the statement.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Meta shares tips to protect Facebook, Instagram accounts from being hackedLike a viral disease quickly spreading throughout the community, hackers continue to take over local business social media accounts. Yellowcake Shop Clothing Company had a hacker posing as the owner's client take over their Instagram account and its more than 13,000 followers.
Read more »
With Sheryl Sandberg gone from Facebook, Wall Street should fear for the Meta futureOPINION: Sheryl Sandberg ran Facebook like a business while Mark Zuckerberg got to play with the cool toys, but now his attempt to make the 'metaverse' happen will take place without an adult in the room, writes columnist tpoletti.
Read more »
Even after sell-off, stocks are not cheap based on shaky 2023 earnings estimatesInvestors are now starting to value stocks off of 2023 earnings.
Read more »
Elon Musk Threatens to Ditch Twitter Deal Over Fake AccountsElon Musk is threatening to terminate his deal to buy Twitter, with his lawyer alleging that the company hasn't properly allowed him to evaluate the number of fake accounts on the platform.
Read more »
Ann Turner Cook, Original Gerber Baby, Dies at 95Cook was 5 months old when a neighbor drew a charcoal sketch of her that became the company's trademark in 1931.
Read more »
Musk accuses Twitter of withholding data on fake accounts in letterElon Musk accused Twitter of “actively resisting” his right to information about bogus accounts on the social media platform and violating the terms of their $44 billion sale agreement, according to a letter sent Monday.
Read more »