Why Enphase Energy Stock Popped Today
Shares of Enphase Energy (NASDAQ: ENPH) have popped today, up by 17% as of 1 p.m. EDT, after S&P Dow Jones Indices announced that it would be adding the company to the S&P MidCap 400 index. Enphase will replace Core Laboratories in the index.
A couple unrelated companies that were previously in the S&P SmallCap 600 have filed for Chapter 11 bankruptcy, making them ineligible for inclusion in that index. In response, the index provider is making some adjustments by moving companies from the S&P MidCap 400 to the S&P SmallCap 600 and replacing those companies in the S&P MidCap 400.
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Source Fool.com
