Why Tootsie Roll Industries Stock Jumped as Much as 15.5% This Week
Shares of candy maker Tootsie Roll Industries (NYSE: TR) were higher by as much as 15.5% at one point this week, according to data from S&P Global Market Intelligence. By the start of trading on Friday, Dec. 10, they were still up an impressive 15% or so. Most of the gains, however, came on Monday, Dec. 6, with the shares trending slowly higher after that big daily advance. The reason for the quick jump involved some changes made by S&P Global.
After the market closed on Friday, Dec. 3, S&P Global announced that its S&P Dow Jones Indices were making changes. To sum it up quickly, there were a bunch of stocks shifting between the S&P 500 index, the S&P MidCap 400 index, and the S&P SmallCap 600 index. This isn't unusual and just represents a regular rebalancing, with the changes set to take effect on Dec. 20. Tootsie Roll Industrial is one of the stocks moving, going from the MidCap index to the SmallCap index.
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Source Fool.com
