Intercontinental Exchange Replaces Twitter with Microsoft In FANG+ Index Rebalance
December 16 2021 - 11:13AM
Dow Jones News
By Kimberly Chin
Intercontinental Exchange Inc. said Thursday that it will
replace Twitter Inc. with Microsoft Corp. in the NYSE FANG+ Index
as part of its quarterly rebalancing of the index.
The equal-dollar weighted index comprises some of the most
highly traded growth stocks in the technology, media and
communications, and consumer discretionary sectors, including
Facebook Inc. (now Meta Platforms Inc.), Apple Inc., Amazon.com
Inc., Netflix Inc. and Alphabet Inc.'s Google. The index has 10
constituents all together.
"The addition of Microsoft stock into the NYSE FANG+ Index is an
important change that will ensure that the index continues to be a
leading benchmark for measuring the performance of U.S. listed
technology and tech-enabled companies," ICE Chief Strategy Officer
David Goone said in prepared remarks.
Twitter's shares have tumbled 20% this year and closed at $44.07
on Wednesday. Microsoft's shares have gained 47% year to date and
ended Wednesday at $334.65.
The changes will go into effect on Dec. 20.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
December 16, 2021 11:58 ET (16:58 GMT)
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