Why The Joint Corp. Stock Jumped 15.5% Today
Shares of chiropractic chain The Joint Corp. (NASDAQ: JYNT) jumped 15.5% through 10 a.m. EDT this morning. The primary catalyst for the move appears to be the company's announcement that its stock will join the S&P SmallCap 600 index before market open on Thursday, May 27.
Investors are presumably rushing to buy The Joint stock now in order to "front-run" index funds and ETFs that mimic the movements of the S&P SmallCap 600. Those funds and ETFs will have to buy shares of The Joint themselves on Thursday, in order to accurately reflect the composition of the index.
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Source Fool.com
