HA - Why Hawaiian Holdings Stock Swooned Today
2023-10-02 18:49:44 ET
Investors rarely like it when one of their stocks gets tossed from an important index. That was a key factor in the sell-off of Hawaiian Holdings (NASDAQ: HA) shares on Monday. The airline's price declined like a big plane coming in fast for a landing, tumbling by nearly 9% on a day when the S&P 500 index basically traded flat.
Last last week, S&P Dow Jones Indices (the operator of the closely followed S&P indexes) made a set of changes to three of its lineups, which started to kick in before market open today.
The one affecting Hawaiian is the S&P SmallCap 600 index, of which it was a component. The airline's stock is being replaced by that of struggling retailer Kohl's , which was bumped down from its former position on the S&P MidCap 400 . It didn't help that, in S&P Dow Jones Indices' boilerplate language, Hawaiian "is no longer representative of the small-cap space."
For further details see:
Why Hawaiian Holdings Stock Swooned Today