Recent announcements from Nasdaq revealed that famous social networking website, Facebook has now marched into the Top 100 list of its index. With team Zuckerberg’s ascent, several other well-known tech companies had to bow out from the prestigious line-up.
Facebook made its way in the Nasdaq 100 during last week and for the first time grabbed a spot in the group which features the largest 100 nonfinancial companies, whose shares are bought and sold on the famed stock exchange. Facebook’s arrival forced IT consulting firm Infosys to leave the Nasdaq 100, meaning it will now be trading over the New York Stock Exchange.
Infosys was not the only company that had to bid adieu to the Nasdaq 100 list, as the re-ranking will force a few others leading names in the tech industry to be left out in the coming days. This includes the troubled Blackberry maker Research In Motion (RIM) and online streaming media provider, Netflix,that will be dropped from the index on Monday, December 24, as made known by the stock exchange late last Friday.
Both Netflix and RIM were dropped from the Nasdaq 100 because their stocks have been struggling badly for the last 12 months. After months of pause in its stock price, Netflix saw a small rally fueled by takeover speculations, but still it remained unable to attract investor interest. On the other hand, RIM’s struggles against the smartphone making companies like Samsung and Apple is known world over, as the two electronic companies hold the majority of the market share in relevant markets today.
In addition to Infosys, RIM and Netflix, a few other companies will also be removed from the Nasdaq 100 index over poor performance, including game developer Electronic Arts, electronics producer Flextronics International, chip manufacturer Marvell Technology Group, Internet infrastructure supplier VeriSign and chip equipment creator Lam Research. Pharmaceutical firm Warner Chilcott and Green Mountain Coffee Roasters will also be a part of this departing league.
In exchange for these companies, Nasdaq 100 will take in Catamaran Corp., Analog Devices, Equinix, Liberty Global, Discovery Communications, Liberty Media, SBA Communications, Regeneron Pharmaceuticals, Western Digital and Verisk Analytics.
Source: Cnet
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