Allegro Microsystems, CubeSmart To Join S&P MidCap 400; ALGM Stock Set To Break


Allegro Microsystems (ALGM) and CubeSmart (CUBE) will replace Semtech (SMTC) and NuVasive (NUVA) in the S&P MidCap 400, S&P Dow Jones Indices announced late Friday.




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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).

In other S&P 600 moves, Agiliti (AGTI), SJW Group (SJW) and Cushman & Wakefield (CWK) will replace LL Flooring Holding (LL), Cato Corp. (CATO) and Diebold Nixdorf (DBD).

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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Read More: Allegro Microsystems, CubeSmart To Join S&P MidCap 400; ALGM Stock Set To Break

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