Before the stock market, six new companies will get added to the Nasdaq 100, the index dominated by technology stocks. Six new companies will now be part of the Nasdaq 100 index, as a part of the annual reconstitution of the index that will become effective prior to the market opening on Monday, December 19, 2022. The new companies along with their ticker added to the Nasdaq 100 index are CoStar Group, Inc. (Nasdaq: CSGP), Rivian Automotive, Inc. (Nasdaq: RIVN), Warner Bros. Discovery, Inc. (Nasdaq: WBD), GlobalFoundries Inc. (Nasdaq: GFS), Baker Hughes Company (Nasdaq: BKR), and Diamondback Energy, Inc. (Nasdaq: FANG).
Diamondback Energy, Inc. (FANG)
An independent oil and gas firm with its headquarters in Midland, Texas, Diamondback is dedicated to the acquisition, development, exploration, and exploitation of unconventional onshore oil and gas deposits in the West Texas Permian Basin. The horizontal exploitation of several intervals within the Wolfcamp, Spraberry, and Bone Spring formations is the main focus of Diamondback’s operations.
CoStar Group, Inc. (CSGP)
With effect from the start of trading on Monday, September 19, 2022, CoStar Group (NASDAQ: CSGP), a top provider of online real estate marketplaces, data, and analytics for the commercial and residential property markets, was chosen for inclusion in the S&P 500 Index. From December 19, 2022, CSGP will be a part of Nasdaq 100.
The Nasdaq-100 Index is made up of the 100 largest non-financial companies listed on The Nasdaq Stock Market. It was first introduced in January 1985, along with the Nasdaq Financial-100 Index, which is made up of the 100 largest financial stocks on Nasdaq. These indices serve as benchmarks for financial products such as options, futures contracts, and mutual funds.
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The seven companies that will no longer be included in the Nasdaq 100 Index as a result of the reconstitution are VeriSign, Inc. (Nasdaq: VRSN), Skyworks Solutions, Inc. (Nasdaq: SWKS), Splunk Inc. (SPLK), Baidu, Inc. (Nasdaq: BIDU), Match Group, Inc. (Nasdaq: MTCH), DocuSign, Inc. (Nasdaq (Nasdaq: NTES).
Top technology firms like Microsoft, Apple, Amazon, Alphabet (Google), Meta (Facebook), Intel, Cisco Systems, Comcast, Pepsi, Tesla, Nvidia, Adobe, and Paypal dominate the Nasdaq 100 index.
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