LIVE MARKETS-Marvell, Carvana among top candidates for S&P 500 additions - Stephens
Stephens analyst Melissa Roberts identifies Marvell Technology and Carvana as top candidates for inclusion in the S&P 500, with CRH Plc also likely. Marvell reported positive earnings and expects $10 billion in revenue next fiscal year. Other potential additions include Vertiv Holdings, Alnylam Pharmaceuticals, and Ares Management. S&P Dow Jones may announce changes to the index soon.
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MARVELL, CARVANA AMONG TOP CANDIDATES FOR S&P 500 ADDITIONS - STEPHENS
Two of the next most likely candidates for inclusion in the S&P 500 (.SPX) may be Marvell Technology (MRVL.O) and Carvana (CVNA.N) , according to Stephens analyst Melissa Roberts.
S&P Dow Jones Indices, which could announce additions and deletions to the S&P 500 late Friday, may also add CRH Plc (CRH.N) , Roberts writes in a note Thursday.
“IT company Marvell Technology, Inc. (MRVL) reported positive GAAP earnings and clears the financial viability requirement for S&P Index eligibility,” Roberts notes, adding: “MRVL is now the largest 500 eligible new add by market capitalization,” just above Carvana and CRH. Marvell this week said the company expects roughly $10 billion in total revenue for its next fiscal year, including a 25% jump in data center revenue. It also said it will buy semiconductor startup Celestial AI in a deal worth $3.25 billion. Roberts also sees Vertiv Holdings (VRT.N) , Alnylam Pharmaceuticals (ALNY.O) and Ares Management (ARES.N) as possible candidates to be added to the benchmark index. Strategy Inc (MSTR.O) nears the top of the list also, as it has a high market cpaitalization, but is estimated at a “lower likelihood.”
They are among the largest companies not in the S&P 500.
The S&P 500 is an index of the 500 largest American companies, and S&P Dow Jones periodically adds names that meet the requirement and removes names that no longer meet it.
CRH, Vertix Holdings, Alnylam Pharmaceuticals, Ares Management and Carvana are also listed among likely candidates for inclusion in the S&P 500 by Barron’s, which cites picks named by KBW analyst Shreyank Gandhi.
(Caroline Valetkevitch)
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