Hewlett Packard Enterprise’s (HPE) acquisition of fellow S&P 500 component Juniper Networks (JNPR) will open a spot in the benchmark index. Investors may be betting on Robinhood Markets (HOOD) to fill it.
Shares of Robinhood shares soared to an all-time high Wednesday, hitting the $100 mark for the first time and closing up some 6% to about $98.
The stock is up more than 35% in the past month, when S&P Global made no changes to the prestigious index even as many predicted that Robinhood was a likely addition. Other factors, including the launch earlier this week of stock and ETF tokens for some users, have also lifted the shares lately.
HPE announced the closing of the Juniper acquisition earlier today, a move that followed the Justice Department’s recent announcement allowing the deal to proceed.
S&P Dow Jones Indices through a spokesperson declined to comment on potential changes to the index.
