Typically, when a company's stock is knocked out of the S&P 500 index, it's cause for concern and not celebration. But that wasn't the case with Lumen Technologies (NYSE: LUMN) on Monday. Quite the opposite occurred, with investors trading the stock up by a robust 4.1% on the day. That trounced the less than 0.1% gain of its soon-to-be-former home, the S&P 500.

In one of its frequent reshufflings, S&P Dow Jones Indexes announced some adjustments to its offerings on Monday. The main one concerned Lumen -- effective Monday, March 20, it is being replaced with finance sector mainstay stock Fair Isaac & Co in the S&P 500 and will instead be included in the S&P SmallCap 600. In the latter index, it replaces and displaces troubled retailer Bed Bath & Beyond. 

Using the boilerplate language it employs for these types of changes, S&P Dow Jones Indices wrote sensibly that "all companies moving to the S&P SmallCap 600 are more representative of the small-cap market space."

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Source Fool.com