T-Mobile Prepares to Join the S&P 500
T-Mobile shares jumped on Wednesday after it was announced that the company would be joining the S&P 500 later this month.
T-Mobile US Inc. (NASDAQ: TMUS | TMUS Price Prediction) shares jumped on Wednesday after the announcement that the company would be joining the S&P 500 later this month. T-Mobile will be taking the place of Red Hat, which IBM has acquired.
The switch will be effective prior to the open of trading on Monday. July 15.
T-Mobile provides mobile communications services and is headquartered in Bellevue, Washington. The company will be added to the S&P 500 GICS (Global Industry Classification Standard) Wireless Telecommunication Services Sub-Industry index as well.
It’s worth pointing out that the deal to combine the third and fourth largest wireless companies in the United States appears to be close to approval by the federal government. Yet, the ranks of states attorneys general against the deal has grown. T-Mobile has worked on the Sprint Corp. (NYSE: S) deal for over a year. T-Mobile management will take the helm if the merger is completed.
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Excluding Wednesday’s move, T-Mobile has more or less performed in line with the broad markets, with its stock up about 18% year to date. In the past 52 weeks, the stock is up closer to 23%.
Shares of T-Mobile were up about 3.6% at $77.87 Wednesday morning, in a 52-week range of $57.89 to $80.93. The consensus price target is $83.00.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
