Allegro Micro and CubeSmart will join the MidCap 400 before the open on Dec. 19. Semtech and NuVasive will drop to the S&P SmallCap 600, Diversified Healthcare Trust (DHC) and Tupperware Brands (TUP).
ALGM Stock Breakout?
ALGM stock jumped 5.6% to 33.25 late Friday. That suggests a breakout from a 50%-deep cup-with-handle base with a 32.07 buy point. However, the handle doesn’t appear on a weekly chart, with Allegro Microsystems running up for seven straight weeks from a two-year low. ALGM stock closed Friday 25% above its 50-day moving average.
Allegro Microsystems makes specialized integrated circuits for the auto and industrial circuits, benefitting from electric vehicles and self-driving technology.
CUBE stock rose 4.2% late Friday. The self-storage REIT reclaimed its 50-day line last week but is below a long-sliding 200-day line.
Meanwhile, SMTC stock and NuVasive rose about 3% late Friday. More mutual funds and ETFs track the S&P 600 than the MidCap 400, so this “demotion” comes with a pay raise. Allegro Microsystems and CubeSmart are not currently in the S&P 600.
Agiliti, SJW Group and CWK stock rose 6%, 7% and 8%, respectively, late Friday.
Diversified Healthcare Trust, Tupperware, LL Flooring, Cato and Diebold Nixdorf all fell solidly.
Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.
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