Apollo Global Management, Workday Stocks Rise With Addition to S&P 500

Shares of asset manager Apollo Global Management (APO) and human resources software provider Workday (WDAY) rose more than 5% and 8%, respectively, in premarket trading on Monday after news that the companies will become the newest members of the S&P 500 index.

S&P Global Indexes announced on Friday that the two companies will be added to the prestigious index when trading opens on December 23rd.

They will replace high-frequency semiconductor maker Qorvo (QRO) and defense technology company Amentum Holdings (AMTM). Both Qorvo and Amentum Holdings will be added to the S&P SmallCap 600 Index, replacing employment firm Kelly Services (KELYA) and real estate investment trust (REIT) Service Properties Trust (SVC), respectively.

Inclusion in the S&P 500 often increases a company’s stock price because the stocks can be added to various index-tracking funds, giving them greater exposure to investors.

Shares of Apollo Global Management have been on a tear this year, rising 90% to an all-time high. Workday shares have barely changed since the start of the year.