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What happened?
Tuesday is shaping up to be a good day for the shareholders of STAAR surgery (NASDAQ: STAA), which manufactures implantable lenses, and Prestige Consumer Healthcare (NYSE: PBH), which markets over-the-counter (OTC) health products. As of 1:30 p.m. EST today, STAAR Surgical stock was up 14.7%, while Prestige Consumer stock was up 7.7%. Catalyst recently announced changes to two market indices involving the two companies.
So what
From January 29, STAAR Surgical will replace Prestige Consumer in the S&P MidCap 400, an index that tracks 400 mid-cap companies on the US stock market. It is one of the most followed mid-cap indices, and the eligibility conditions include a certain level of liquidity and financial sustainability. Meanwhile, on the same day, Prestige Consumer will take the place of Basic building materials (NYSE: FBM) in the S&P SmallCap 600.
Image source: Getty Images.
While changes to more famous indexes such as S&P 500 tend to get more attention, newer additions to smaller ones like the S&P SmallCap 600 and S&P MidCap 400 may also spark investor excitement, and that seems to be what’s happening today with STAAR Surgical and Prestige. Consumer.
Now what
For long-term investors, these changes mean little in the big picture, just like the boost STAAR Surgical and Prestige Consumer are getting as a result. It is important to focus on the prospects of these two healthcare companies.
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