Green Mountain returns to NASDAQ 100 ETF
QQQ is adding the K-Cup maker back to its ranks.
Green Mountain Coffee Roasters (GMCR) is headed back to NASDAQ 100 (NDX) for an encore run in the index, meaning the stock famously sold short by David Einhorn's Greenlight Capital will soon rejoin the PowerShares QQQ (QQQ). The $36.5 billion QQQ is also known as the NASDAQ 100 tracking ETF.
Green Mountain will also join the NASDAQ-100 Equal Weighted Index (NDXE) and the NASDAQ-100 Ex-Tech Sector Index (NDXX) prior to market open on Thursday, August 22, 2013, according to a statement by NASDAQ OMX Global Indexes. The statement was released Thursday after the close of U.S. markets.
Green Mountain had market value of $11.1 billion at Thursday's close, implying it will be a relatively scant part of QQQ's lineup. Discount retailer Dollar Tree (DLTR) has a market cap of nearly $11.5 billion but a weight of just 0.33% in QQQ.
QQQ, the sixth-largest U.S. ETF, has made some exciting changes this year, including replacing Oracle (ORCL) with Elon Musk's electric carmaker Tesla (TSLA) (TheStreet). Since July 16, a day after joining the NASDAQ 100, shares of Tesla are up 28.1%.
However, Green Mountain shareholders may not want their stock to rejoin the index. It was booted from the NASDAQ 100 late last year and has risen 70% this year.
Green Mountain's membership in the NASDAQ-100 Equal Weighted Index means the stock is eligible to become part of the First Trust NASDAQ-100 Equal Weight Index Fund (QQEW) and the Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE).
Currently, Green Mountain is not a significant holding in many ETFs. The PowerShares Dynamic Food & Beverage Portfolio (PBJ), home to $322.4 million in assets, has one of the larger weights to the stock among ETFs at 2.6%.
More from Benzinga
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
A sustained rally could have important implications for American and multinational companies, potentially resounding across the stock market.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.