Ferguson Enterprises lands S&P 500 seat, sending shares higher
Ferguson Enterprises will join the S&P 500 before the market open on Aug. 5, replacing Electronic Arts, which is being taken private, and its shares jumped about 9% after hours on the news. The Newport News-based distributor — valued around $45 billion — beat out Reddit and Bloom Energy for the spot, with Q1 sales of $7.5 billion and expected Q2 sales around $8.7 billion, after last year's $31.3 billion in revenue. Inclusion broadens Ferguson's access to index funds and other investors.