2023-04-18 12:19:25 ET
- Blackstone ( NYSE: BX ) stock spiked 4.1% in Tuesday early afternoon trading as Morgan Stanley pointed out that a rule change for S&P indices could pave the way for the private equity firm to join the S&P 500 index.
- “The upcoming June 2023 quarterly rebalance is our earliest expectation for the S&P to include newly eligible multi share names in the S&P 500 index,” analyst Michael Cyprys wrote in a note.
- On Monday evening, S&P Dow Jones, a division of S&P Global ( SPGI ), changed its rules for share class eligibility so that companies with multiple share class structures can be considered eligible candidates to be included in the S&P Composite 1500 and its component indices, provided they meet all other eligibility criteria.
- “Any changes are expected to be announced post close on June 2 and implemented post close June 16,” Cyprys noted.
- Last Tuesday, Blackstone said it has raised $30.4B for global real estate fund at final close .
For further details see:
Blackstone stock climbs amid potential for S&P 500 inclusion