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Investing.com -- ACM Research Inc. (NASD:ACMR) stock climbed 4.9% in after-hours trading Monday following the announcement that the company will be added to the S&P SmallCap 600 index.
S&P Dow Jones Indices announced that ACM Research will replace WK Kellogg Co. (NYSE:KLG) in the small-cap benchmark effective prior to the opening of trading on Friday, September 26. The change comes as The Ferrero Group’s acquisition of WK Kellogg is expected to close soon, pending final closing conditions.
The semiconductor equipment manufacturer’s inclusion in the widely followed small-cap index typically brings increased visibility among investors and potential additional demand for shares from index funds that track the S&P SmallCap 600.
ACM Research, which provides wafer processing solutions to the semiconductor industry, will join the index as part of the Information Technology sector. WK Kellogg, currently classified in the Consumer Staples sector, will be removed from the index upon completion of its acquisition.
Index additions often provide a temporary boost to stock prices as passive funds that track the benchmark must purchase shares of the newly added company to maintain proper index weighting.
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