Palo Alto Networks' stock surges after joining S&P 500.
TL;DR Summary
Palo Alto Networks' stock rose almost 4% as the cybersecurity company is set to join the S&P 500 Index, replacing Dish Networks. The addition to the index is expected to create forced buyers of the stock, as an estimated $15tn benchmarked to the index. Palo Alto Networks' stock has outperformed the S&P 500 this year, rising over 55% while the S&P 500 has risen 11.5%. The company hit a 52-week high on May 24 after boosting the low end of its full-year revenue forecast.
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