Instacart Is Joining the S&P MidCap 400. Its Stock Is Rising.
Key Takeaways
Shares of Instacart rose Wednesday on the news that the food-delivery stock will join a new index.
Instacart's stock was recently up about 4.5%. The rise followed the announcement last yesterday that the company, also known as Maplebear (
CART
), will join the S&P MidCap 400 index starting with next Tuesday's session, replacing Enovis (
ENOV
). Shares of Instacart are have nearly doubled over the past 12 months.
Instacart separately said Wednesday that it would partner with Ulta Beauty (
ULTA
) to deliver the latter company’s beauty products nationwide. Ulta's shares were recently down more than 2%; the company recently said
its CEO would retire
.
Enovis will move to the SmallCap 600 index, replacing Arch Resources (
ARCH
), which is soon expected to be acquired by Consol Energy (
CEIX
) and
create Core Natural Resources
.
Shares of Enovis were up more than 1% in morning trading.