Uber shares rally on S&P 500 inclusion
Uber is driving into the big leagues as one of the newest incoming members of the S&P 500, the broadest measure of the U.S. stock market.
Shares hit a two-year high on Monday as inclusion is viewed by investors as a positive for companies in growth mode. Typically, fund managers who mirror the S&P need to add to their holdings of the new members. Uber shares have gained 141% this year, outpacing the S&P 500's 18%+ rise.
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CEO Dara Khosrowshahi said he was "super proud of the Uber team" in a post on X, formerly known as Twitter.
Just last month he noted the company was ending the year with a tailwind.
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"Consumer demand on our platform remains healthy as we enter the busiest period of the year," CEO Dara Khosrowshahi said in his prepared remarks tied to the company’s quarterly earnings.
The ride-sharing company along with Jabil and Builders FirstSource will replace Sealed Air Corp., Alaska Air Group and SolarEdge Technologies, according to S&P Dow Jones Indices which noted: "All companies being added to the S&P 500 are more representative of the large-cap market space…"
The changes will take place on Dec. 18, prior to the market’s open, in tandem with the quarterly rebalance.