S&P Dow Jones Indices looks to incorporate changes to the S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective June 21.
ON Semiconductor Corp. will replace IPG Photonics Corp. in the S&P 500.
IPG Photonics will replace Yelp Inc. in the S&P MidCap 400.
Yelp will replace Red Robin Gourmet Burgers Inc. in the S&P SmallCap 600.
The changes will ensure each index is more representative of its market capitalization range.
Recently, ON Semiconductor beat its first-quarter FY22 revenue and EPS consensus, aided by auto and industrial end-markets.
By Anusuya Lahiri
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