Three U.S. equity benchmarks will change membership Nov. 4 as S&P Dow Jones Indices moves Okta into the S&P 500, with pending takeovers accounting for two company departures.
Okta Inc. (OKTA) will leave the S&P MidCap 400 to replace Kenvue Inc. (KVUE) in the large-cap index. Glaukos Corp. (GKOS) is moving from the S&P SmallCap 600 to the MidCap 400, with McGrath RentCorp (MGRC) filling the resulting small-cap vacancy. Loar Holdings Inc. (LOAR) will also join the SmallCap 600, taking the place held by LiveRamp Holdings Inc. (RAMP).
The revisions are scheduled to take effect before trading opens Nov. 4, S&P Dow Jones Indices said in an Oct. 30 announcement. The index provider announced Okta's move into the MidCap 400 in April 2025, with that change taking effect May 1. The companies span several sectors: Okta and LiveRamp are in Information Technology, Kenvue in Consumer Staples, Glaukos in Health Care, and McGrath and Loar in Industrials.
S&P Dow Jones Indices connected Kenvue's exit to Kimberly-Clark's proposed acquisition and LiveRamp's departure to Publicis Groupe's planned purchase.
In an Oct. 29 Form 8-K, Kimberly-Clark reported a $4.9 billion senior-note issue related to the planned Kenvue purchase. The company said it intended to pair the net proceeds with cash or borrowings to cover the deal's cash payment and related expenses. In an Oct. 1 update, Kimberly-Clark kept its completion target in 2026's final quarter, contingent on regulatory approvals and customary closing conditions.
Publicis Groupe said Oct. 19 that it expected its LiveRamp deal to close before year-end. The Federal Trade Commission (FTC) case page showed the matter as pending that day.
Investing.com reported that passive funds and exchange-traded funds tracking the S&P 500 need to adjust holdings to reflect the new constituents' index weights. The outlet gave no estimate of the resulting trading flows. The changes are due to take effect before the market opens Nov. 4.
