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Airbnb shares rise on S&P 500 inclusion, while Zynex, Coherus and Universal Insurance adjust to index changes

EditorRachael Rajan
Published 2023-09-05, 09:26 a/m
© Pavlo Gonchar / SOPA Images/Sipa via Reuters Connect
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Shares of Airbnb (NASDAQ:ABNB), the vacation rental company, saw a boost of over 4% on Tuesday following an announcement by the S&P Dow Jones Indices on Friday, August 30, 2023, stating that Airbnb is set to join the S&P 500 later this month. The S&P 500 is a widely tracked index by large funds, which could potentially increase buying pressure on Airbnb's stock in the coming weeks.

In other premarket trading news, American Express (NYSE:AXP) shares experienced a slight uptick of 0.5% on Tuesday. This followed an upgrade to 'outperform' from 'sector perform' by RBC (TSX:RY) earlier that day. Similarly, Oracle (NYSE:ORCL)'s software stock added 1.5% in premarket trading following an upgrade to 'overweight' from 'equal weight' by Barclays (LON:BARC). The firm stated that Oracle's cloud business should benefit from artificial intelligence tailwinds.

NextGen Healthcare (NASDAQ:NXGN)'s stock climbed more than 11% following a Bloomberg report on Monday, September 4, 2023, suggesting that the healthcare company was in late-stage talks with potential acquirer Thomas Bravo. Brady Corporation also saw its shares climb nearly 11% after the company reported its quarterly results. Brady posted an adjusted profit per share of $1.04, surpassing analysts' forecast of 93 cents as polled by FactSet.

Meanwhile, shares in Zynex (NASDAQ:ZYXI), Coherus BioSciences and Universal Insurance Holdings (NYSE:UVE) fell as they adjusted to changes within small-cap indexes as announced by S&P 500 Dow Jones indices. Coherus is transitioning from the Midcap 400 to the midcap 600, while Universal Insurance is leaving the midcap 600 altogether. Zynex saw a nearly 6% tumble following news that the firm is exiting the small cap 600 index.

Lastly, Warner Bros. Discovery (NASDAQ:WBD) shares dipped by 1.2% after the company warned that potential strikes from writers and actors could negatively impact its cash flow by a range of $300 million to $500 million.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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