Investors rarely like it when one of their stocks gets tossed from an important index. That was a key factor in the sell-off of Hawaiian Holdings (NASDAQ: HA) shares on Monday. The airline's price declined like a big plane coming in fast for a landing, tumbling by nearly 9% on a day when the S 500 index basically traded flat.

Last last week, S Dow Jones Indices (the operator of the closely followed S indexes) made a set of changes to three of its lineups, which started to kick in before market open today.

The one affecting Hawaiian is the S SmallCap 600 index, of which it was a component. The airline's stock is being replaced by that of struggling retailer Kohl's, which was bumped down from its former position on the S MidCap 400. It didn't help that, in S Dow Jones Indices' boilerplate language, Hawaiian "is no longer representative of the small-cap space."

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Source Fool.com