Food delivery giant DoorDash and retailer Williams-Sonoma saw their stocks surge in after-hours trading on Friday after the two companies announced they would join the S&P 500. Under the same circumstances, the shares of gas producer Expand Energy and sports and entertainment company TKO Group also rallied.
According to the news release from S&P Dow Jones Indices, the four companies will start trading on the S&P 500 on Monday, March 24. They will replace Borgwarner, Teleflex, Celanese, and FMC, which will move to the S&P SmallCap 600.
In order for the companies to qualify for the S&P 500, they need to fulfill several conditions including a market cap of at least $20.5 billion, while meeting standards of profitability, liquidity, and share-float.
DoorDash stock closed at $178.08 per share on Friday for a market cap of $73.97 billion. It then jumped by 6.13% in after-market trading to trade at $189.00.
Williams-Sonoma had a market cap of $23.19 billion after its shares closed at $188.41 per share. The stock increased to $191.61 per share in extended trading.
Expand Energy stock jumped by 2.21% in the after-hours to settle at $98.15 per share. Its latest close price of $96.03 per share gave the company a $22.19 billion market capitalization.
The shares of TKO Group closed at $143.73 per share on Friday with a market cap of $24.54 billion before seeing a 2.62% jump in extended trading.