Veeva Systems to join S&P 500 index, replacing Coterra Energy
Veeva Systems is set to join the S&P 500 index on May 7, replacing Coterra Energy, which is being acquired by Devon Energy. The announcement led to a nearly 10% jump in Veeva's stock in extended trading, despite its year-to-date decline amid broader sector concerns. Veeva, a cloud software provider for life sciences, has seen its stock fall 30% in 2026 even as it reports solid revenue growth and profitability.
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Veeva Systems, which sells cloud software to life sciences companies and drugmakers, is joining the S&P 500, becoming the latest tech company to get added to the benchmark. The stock jumped almost 10% in extended trading after the announcement on Thursday from S&P Dow Jones Indices. Veeva will enter the index before trading starts on May 7, replacing Coterra Energy, which is being acquired by Devon Energy.Companies often see their stocks climb when they're added to major indexes because fund managers who trace the benchmarks have to buy shares to match the changes.
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