Tech giant regains former status in important shakeup
Meta Platforms will return to its former status as a full growth stock after financial data provider FTSE Russell finishes its annual shakeup of its stock index components on Friday.
There are also style indexes such as the Russell 1000 Growth and Russell 2000 Value. FTSE Russell says about $12.1 trillion is currently benchmarked to the Russell US equity indexes. One of the bigger changes this year will be Facebook owner Meta Platforms, which has surged nearly 70% since last year’s reconstitution. It will once again be considered 100% growth after a brief detour last year with a heavy value shift.
Stocks can be partially in both growth and value indexes based on Russell’s criteria on characteristics including earnings growth and valuation. Meta is currently 84% value and 16% growth, according to Goldman. A large part of the reason for the shifts in Meta and Alphabet were their “relatively high past sales growth and medium-term growth forecast,” according to a post from Catherine Yoshimoto, director of product management at FTSE Russell.
As such, both the Nasdaq and New York Stock Exchange put contingency measures in place in the event of unusual market conditions.
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