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Apollo Global Management Stock Pulls Back After Hitting All-Time High
Key Takeaways
Shares of asset manager Apollo Global Management ( APO ) hit an all-time high soon after trading began Monday on news it will be added to the S&P 500 Index , but reversed course and recently were down 2%.
S&P Global Indexes announced on Friday that Apollo and human resources software provider Workday ( WDAY ) would be added to the prestigious index at the opening of trading on Dec. 23. Workday stock is surging more than 6% Monday afternoon.
They will replace radio frequency semiconductor maker Qorvo ( QRO ) and defense technology company Amentum Holdings ( AMTM ). Both Qorvo and Amentum Holdings will move into the S&P SmallCap 600 Index, replacing employment services firm Kelly Services ( KELYA ) and real estate investment trust (REIT) Service Properties Trust ( SVC ), respectively.
Joining the S&P 500 often gives a company's stock price a boost because the shares can be added to various index-tracking funds, giving them more exposure to investors.
Shares of Apollo Global Management have been on a tear this year, soaring nearly 90% to an all-time high. Workday shares, which have been little changed year-to-date, moved into positive territory for 2024 with today's rise.
UPDATE—This story has been updated with the latest share price information.
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