Tutor Perini and V2X Added to S&P SmallCap 600
Tutor Perini Corporation (NYSE:TPC) shares rose 7.4% in after‑hours trading on Monday after S&P Dow Jones Indices announced that the company will be added to the S&P SmallCap 600 index. The inclusion is effective prior to the opening of trading on July 24, when Tutor Perini will replace Krystal Biotech Inc. (NASDAQ:KRYS) in the SmallCap 600.
V2X Inc. (NYSE:VVX) gained 3.9% following the same announcement, as it is scheduled to join the S&P SmallCap 600 on July 27. V2X will replace Avanos Medical Inc. (NYSE:AVNS), which is being acquired by private‑equity firm American Industrial Partners in a transaction that is expected to close soon, subject to final closing conditions.
Krystal Biotech Inc. will move up to the S&P MidCap 400, taking the place of Taylor Morrison Home Corp. (NYSE:TMHC). Taylor Morrison is being acquired by Berkshire Hathaway Inc. (NYSE:BRK‑A/BRK‑B), with the deal expected to close around July 24, also subject to final closing conditions.
The article notes that index additions typically generate stock price gains because passive funds that track the benchmarks are required to purchase shares of newly added companies, which helped drive the observed price movements for both Tutor Perini and V2X.