Irvine-based electric vehicle maker Rivian Automotive Inc. (Nasdaq: RIVN) will be joining the Nasdaq 100 Index a week from now, while local chipmaker Skyworks Solutions (Nasdaq: SWKS) will be dropping off.
The Nasdaq 100 is considered to be one of the most significant indexes in the equity market. Rivian and five other companies are being added as of Dec. 19 while Skyworks and six others are dropping off in the annual rebalancing, Nasdaq said last Friday.
Investor website StreetFX.com said the index inclusion should “spur a rally in the Rivian stock price for the rest of December.”
Shares in Rivian rose 0.2% to $25.65 per share in after-hours trading after closing down 6.2% for a market cap of almost $23 billion.
Rivian said earlier today it’s suspending its deal with Mercedes-Benz Group AG to produce electric commercial vans.