Abercrombie & Fitch will join the S&P MidCap 400 before the open on Monday, July 22, replacing Equitrans Midstream, S&P Dow Jones Indices said Tuesday night. ANF stock fell modestly Wednesday morning but held key support.
Why is Abercrombie falling? The young adult apparel retailer is moving up from the S&P SmallCap 600 index. More money tracks the SmallCap 600 than the MidCap 400 via mutual funds and ETFs. So stocks promoted from the 600 to the 400 often see a modest price decline.
Gates Industrial Corp. will replace Abercrombie & Fitch in the 600. GTES stock stock popped 4.3% early Wednesday, near a 17.98 buy point.
S&P 500 member EQT will close its takeover of Equitrans soon.
ANF Stock
Abercrombie stock fell 2.1% to 166.58, but moving back from a drop below the 50-day just after the open. Shares are working on a new consolidation with a 196.99 buy point.
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