Enphase Energy Joining the S&P 500 Index

Enphase Energy (NASDAQ: ENPH) will start the New Year off with a bang as the company has been tipped to join the S&P 500 Index. This will occur before market open next Thursday, Jan. 7.

The S&P 500's operator, S&P Dow Jones Indices, announced the news on Wednesday. With its ascension, Enphase replaces luxury goods maker Tiffany & Co. Following a fairly tortuous takeover saga, LVMH Moet Hennessy Louis Vuitton is acquiring Tiffany, so the latter will cease to be an independent company.

Enphase is not exactly new at the S&P Index table. At the moment, it belongs to the S&P MidCap 400 Index. Filling its position on that index will be Capri Holdings, a fashion company founded by well-known American designer Michael Kors (his company, it so happens, was once an S&P 500 Index component).

Source Fool.com