Shares of Texas Pacific Land Corp. (NYSE:TPL) rose over 6% Friday on news it is poised to ascend to the S&P 500, taking the place of Marathon Oil Corp. (NYSE:NYSE:MRO). This change is slated to occur before the market opens on Tuesday, November 26. The move comes as Marathon Oil is being acquired by ConocoPhillips (NYSE:NYSE:COP), an S&P 500 & 100 constituent, with the acquisition expected to be finalized on Monday, November 22, subject to the satisfaction of the remaining closing conditions.
Concurrently, S&P SmallCap 600 member Mueller Industries Inc . (NYSE:NYSE:MLI) will graduate to the S&P MidCap 400, filling the vacancy left by Texas Pacific Land. Furthermore, Atlas (NYSE:ATCO) Energy Solutions Inc. (NYSE:AESI) is set to take Mueller Industries' spot in the S&P SmallCap 600.
The adjustments in the indices reflect the evolving market capitalizations of the involved companies, with Texas Pacific Land and Mueller Industries now representing the large-cap and mid-cap market spaces more accurately, respectively. These changes in the index composition are part of the regular process of ensuring that the indices accurately reflect the market segments they are designed to measure.
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