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Struggling electric vehicle maker Lucid Group, Inc. (NASDAQ:LCID) and e-commerce company eBay, Inc. (NASDAQ:EBAY) were among six stocks that were removed from the Nasdaq 100 Index as part of an annual reconstitution.
What Happened: The Nasdaq exchange announced late Friday the results of the annual reconstitution, which showed that along with Lucid, eBay, Align Technology, Inc. (NASDAQ:ALGN), Enphase Energy, Inc. (NASDAQ:ENPH), JD.com, Inc. (NASDAQ:JD) and Zoom Video Communications, Inc. (NASDAQ:ZM) would be out of the index, effective prior to the market open on Dec. 18, 2023.
Replacing these stocks in the index would be CDW Corporation (NASDAQ:CDW), Coca-Cola Europacific Partners plc (NASDAQ:CCEP), DoorDash, Inc. (NASDAQ:DASH), MongoDB, Inc. (NASDAQ:MDB), Roper Technologies, Inc. (NASDAQ:ROP), and Splunk Inc. (NASDAQ:SPLK).
See Also: Best Tech Stocks Right Now
Why It’s Important: The Nasdaq 100 Index is an index comprising 100 of the largest Nasdaq-listed non-financial companies. The reconstitution is a routine affair done each year in December and is timed to coincide with the quadruple witch expiration Friday of the quarter.
Index membership is positive for stocks, as indices act as benchmarks for financial products such as options, futures, and funds. Portfolio managers having portfolios mirroring the indices buy the stock in the same proportion as it is part of the index.
Criteria for addition to the index depends on market capitalization and volume, among other things.
Lucid has struggled with production ramp and weak deliveries and the company’s stock price has fallen from a post-IPO high of about $58 to under $5. JD.com has seen its fortunes sag amid the Chinese government’s clampdown on high-profile tech stocks.
Zoom Video, a COVID-19 play, which was trading at over $588 level, has now dropped to under $75. eBay, meanwhile, is facing the heat of competitive pressure from Amazon, Inc. (NASDAQ:AMZN), while macroeconomic challenges have also posed headwinds.
The Invesco QQQ Trust (NASDAQ:QQQ), an exchange-traded fund that tracks the Nasdaq 100 Index, ended Friday’s session at $392.17, up 0.45%, according to Benzinga Pro data.
Read Next: Big Tech Woes Drive Nasdaq 100’s Worst Session In 2023, Now Approaching Correction Territory
Image Via shutterstock
Posted In: ALGN AMZN CCEP CDW DASH EBAY ENPH JD LCID MDB QQQ ROP SPLK ZM
