COKE - Coca Cola Consolidated shares crash ahead of index entry

Coca Cola Consolidated ( NASDAQ: COKE ) stock fizzled on Thursday, shortly ahead of the stock’s accession to the S&P MidCap 400.

Shares of the typically-stable staples stock fell 14.7% in midday trading, tumbling back toward monthly lows. The stark one-day drop is the largest single day decline since February.

Trading volume trended well above the average, more than doubling the average volume by the halfway point of Thursday’s trading, though the direct impetus for the trading spike remains unclear. Though it is worth noting that the stock will shift to the MidCap 400 from the S&P SmallCap 600 on July 20. Based upon the index reshuffling, cap-weighted ETFs and products are likely to reassess the stock.

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