Shares of Lululemon Athletica (NASDAQ: LULU) were stretching to 52-week highs today after the athleisure company was tapped to join the S 500, replacing Activision Blizzard after Microsoft's takeover of the video game publisher was approved.

As of 2:37 p.m. ET, the stock was up 10.4% on the news.

In a press release on Friday, S Dow Jones Indices announced that Lululemon will replace Activision Blizzard on its best-known index, the S 500.

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Source Fool.com