UWMC - Why Shares of United Wholesale Mortgage Are Rising Today
Shares of United Wholesale Mortgage (NYSE: UWMC) shot up by as much as 16% at one point in the early hours of trading. The company announced on Twitter today that it had been included in the preliminary list of IPO additions for the Russell 1000 and Russell 3000 indexes.
The Russell 1000 Index is composed of the top 1,000 companies by market capitalization in the U.S., while the Russell 3000 tracks some of largest U.S. stocks and provides exposure to the entire stock market. United Wholesale currently has a market cap of more than $16.5 billion.
Stocks typically rise on news of joining indexes because funds that track that index must now buy the stock. Also, being added to an index results in greater awareness and visibility for the stock.
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Why Shares of United Wholesale Mortgage Are Rising Today