More than five years after it was first considered for inclusion in the S&P 500, Juniper Networksfinally got the word late Thursday that it will be joining the index.
Juniper shares climbed 2% Friday on news that it will be added to the S&P after Alberston’sis acquired by Supervaluand CVSsometime next month.
Juniper was widely considered the favorite to be added to the index in October 2000, when BroadVisiongot the nod instead.
In the dot-com downturn that followed, BroadVision was dropped from the S&P less than a year later and was delisted from the Nasdaq stock market earlier this year for failing to maintain a $1 share price. It currently trades at about 50 cents a share on the Pink Sheets over the counter market.
The news is a much-needed boost for Juniper, whose shares have slid 30% this year amid a slowdown in networking spending.
The broader market was higher in midday trade Friday after personal spending and income data helped alleviate inflation fears.
The Nasdaq was up 8 points to 2207, the S&P 500 tacked on 5 points to 1278, and the Dow rose 49 to 11,260. Volume ran lighter in pre-holiday trade, with just over 1 billion shares traded on the NYSE and 900 million on the Nasdaq.
Note: The Technical Analysis column will return Tuesday, May 30.