DISH Network took a mighty big fall off the S&P Global 500 list today, dropping all the way down to the S&P SmallCap 600 bracket. This news comes shortly after new changes were revealed for S&P indices, which will take effect starting June 20th, 2023.
As described by S&P Global, the “minimum market capitalization guidelines are designed to capture the three-month average cumulative total company level market capitalization of the S&P Total Market Index universe at approximately the following cumulative percentiles:
- S&P 500 – 85th percentile
- S&P MidCap 400 Index – 85th through 93rd percentile
- S&P SmallCap 600 Index – 93rd to 99th percentile
Current S&P indices criteria are outlined in an S&P Global press release issued earlier this year and went into effect on January 4th. As reported by Fierce Wireless:
• $12.7 billion or more for the S&P 500
• $4.6 billion to $12.7 billion for the S&P MidCap 400
• $750 million to $ 4.6 billion for the S&P SmallCap 600
DISH Network has had a string of bad luck overall this year. Back in February, DISH Network’s websites went down during a massive cyber attack that breached security measures protecting certain user data while preventing customers from contacting customer service or new members from signing up.
The attack didn’t affect phone calls or its entertainment services, though online accounts were inaccessible for quite some time. After a month, DISH Network announced it was back online and operating at 100 percent.
Additionally, DISH TV lost around 81,000 subscribers during the first quarter of 2023, which sounds like a lot but is significantly less than the 343,000 subscribers who bounced in the first quarter of 2022. And last year didn’t have a cyber security ransom dangling over its head.
Today, DISH Network stock was selling at $7.40, down from $14 per share earlier this year.