GLT - Why Glatfelter Stock Plummeted Today
Glatfelter (NYSE: GLT) , an "engineered materials" specialist, wasn't exactly special for investors on Tuesday. The company's stock suffered from its ejection from a high-profile index, with the share price taking a nearly 12% tumble on the day as a result.
That index is the S&P SmallCap 600 , which like its big brother, the S&P 500 index, tracks stocks grouped in that asset class. On Tuesday, S&P Dow Jones Indices -- the company that manages the indexes -- announced one of its periodic adjustments of component stocks. Unfortunately for Glatfelter, it was one of the titles getting the boot from the S&P SmallCap 600.
Using its typical boilerplate language for situations like this, S&P Dow Jones Indices said in its announcement that the two departures from the index are due to them being "no longer representative of the small-cap market space." Along with Glatfelter, CalAmp (NASDAQ: CAMP) is also being shown the door.
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Why Glatfelter Stock Plummeted Today