Loar soars ahead of S&P SmallCap add
LOAR•Loar Holdings shares rose 9.4% to $67.96 after the company was set to join the S&P SmallCap 600, with passive funds expected to buy about 4.9 million shares.
1. Index addition
Loar Holdings shares rose 9.4% to $67.96 on Monday, an eight-week high, after S&P Dow Jones Indices announced the company would replace LiveRamp Holdings in the S&P SmallCap 600 before the market opens on Wednesday, Nov. 4. Stephens analyst Melissa Roberts estimated passive funds would need to buy about 4.9 million Loar shares, implying seven days of buying demand.
2. Upcoming results
Loar, based in White Plains, New York, had about 93.7 million shares outstanding and a market capitalization of about $5.8 billion as of Friday. The company is scheduled to report third-quarter results before the market opens on Thursday, Nov. 5.
