Palo Alto Networks promoted to S&P 500, replacing Dish Network
Shares of Palo Alto Networks Inc.
PANW,
rallied in the extended session Friday after S&P Dow Jones said it would include the cybersecurity platform company’s stock in the S&P 500 index
SPX,
Palo Alto Networks shares surged as much as 4% after hours, following a 0.2% rise to close the regular session at $217.24, after S&P said Palo Alto Networks will replace Dish Network Corp.
DISH,
on the S&P 500 on June 20 in a quarterly balancing of the index. Dish shares declined nearly 3% after hours, following a 16.2% rally Friday to close the regular session at $7.30, following a report that Amazon.com Inc.
AMZN,
is in talks to offer mobile phone service free to Prime members. Palo Alto Networks, which recently reported earnings and sees AI transforming the software industry over the next 12 months, has seen its shares rally 55.7% year to date, while the S&P 500 has gained 11.5%.
