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It has been more than a year since the launch of the Google IPO and the company is all set to join the S&P 500 Index. The search engine giant would be replacing oil and gas producer Burlington Resources Inc. in the S&P 500 Index.
This news itself helped the company improve their share price by around 7% in the stock market. This move would take place after the trading hours on March 31 and comes roughly a year and a half after Google went public.
This news event would mean that any portfolio managers would have to add Google shares to their holdings. This is going to help Google solidify their position in the stock markets and would bring more confidence in their existing investors.
Burlington Resources would be getting out of the index after they were acquired by S&P 500 constituent ConocoPhillips.