Why Hawaiian Electric Industries Stock Was Soaring Today
Hawaiian Electric Industries (NYSE: HE) was providing plenty of financial juice to its shareholders on Monday. Following news that the utility stock is set to be included in a key equity index, market players rushed to buy it, driving the price up by 11% in mid-afternoon trading.
Just after market close last Friday, S&P Global Indices -- the company behind such closely followed stock market gauges as the S&P 500 index -- announced adjustments to several of its indexes. As part of its latest quarterly rebalancing effort, Hawaiian Electric will become a component stock of the S&P SmallCap 600 Index.
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Source Fool.com
