Lululemon Athletica Inc. (NASDAQ:LULU) shares are trading higher Monday after it was announced the stock will join the S&P 500.
The Details:
It was announced after the market close on Friday that Lululemon will replace Activision Blizzard Inc. (NASDAQ:ATVI) in the S&P 500 effective prior to the opening of trading on Wednesday.
Microsoft Corporation (NASDAQ:MSFT) acquired Activision Blizzard in a $69 billion transaction which had been under the intense scrutiny of international antitrust officials for more than a year and finally closed on Friday.
LULU shares are moving higher on heavy trading volume as investors react to the news of the ticker’s inclusion in the S&P 500.
According to data from Benzinga Pro, more than 4.2 million shares have already been traded in the session, nearly four times the stock’s 100-day average volume of 1.235 million shares.
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LULU Price Action: According to Benzinga Pro, Lululemon Athletica shares are up 9.5% at $413.89 at the time of publication.
Image: Courtesy of Lululemon Athletica, Inc.
