Shares of Bloom Energy Trade Higher After Reports of S&P500 Addition
Fuel-cell maker Bloom Energy (NYSE: BE) saw its shares jump ahead of the open on Tues, Sept. 8 as the co. is poised to join the S&P500 on Sept. 21.
(San Jose, California) Shares of fuel-cell maker Bloom Energy (NYSE: BE) jumped ahead of the open this morning (Sept. 8) as the company is poised to join the S&P500 on Sept. 21; reports of the addition were initially released on Sept. 4.
Image of Bloom Energy’s Elecrolyzer courtesy of Bloom Energy.
Shares rose more than 7% ahead of the open , rising above $272.00.
New SPX additions have historically outperformed from announcements to be added to the S&P, rising about 7% ahead of the add, with the bulk of outperformance occurring on the day post-announcement, according to Stephens analyst Melissa Roberts, per Reuters.
Bloom Energy’s solid-oxide fuel-cell systems convert natural gas, biogas and/or hydrogen into electricity without combustion. The company markets the technology as an onsite power source for data centers, manufacturing facilities and other operations requiring consistent electricity.
S&P Dow Jones Indices also said Illumina (NASDAQ: ILMN) and Everpure (NYSE: P) will enter the S&P 500 on Sept. 21, replacing Builders FirstSource and The Trade Desk, respectively. The index changes become effective before the market opens.
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