Dish falls off S&P 500 index

S&P Global announced changes to its indices, which result in Dish Network falling off the S&P 500 and being reassigned to the S&P SmallCap 600, effective June 20.

The cybersecurity company Palo Alto Networks will replace Dish Network on the S&P 500.

Not only did Dish get booted from the S&P 500, but it fell past the S&P MidCap 400 all the way to the S&P SmallCap 600.

S&P Global made numerous other changes as well, saying, “The changes ensure each index is more representative of its market capitalization range.”

The S&P criteria for its indices requires market capitalization of: 
• $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 has struggled this year as the result of a cyber attack, which caused problems with its IT and other backend systems. The company lost about 81,000 wireless net subscribers in the first quarter. It’s also dealing with higher interest rates on its debt. And it’s scrambling to meet a mid-June deadline to cover 70% of the U.S. population with its new 5G network.

But in spite of the challenges, analysts were happy that its first quarter results weren’t as bad as they feared.

Nevertheless, the company’s stock has dropped from about $14 at the beginning of 2023 to $7.40 today.

Dish Network did not immediately reply to a request for comment for this story.