Why Hawaiian Electric Industries Stock Was Soaring Today

Core Viewpoint - Hawaiian Electric Industries experienced a significant stock price increase of 10.80% due to its inclusion in the S&P SmallCap 600 Index, driven by market enthusiasm rather than any proprietary news [1][2]. Group 1: Index Inclusion Impact - S&P Global Indices announced that Hawaiian Electric will be added to the S&P SmallCap 600 Index as part of its quarterly rebalancing, effective before trading on December 22 [2][4]. - A total of 14 stocks, including Hawaiian Electric, were added to the index, while 13 stocks were removed [4]. - The inclusion in the index is expected to attract investment from index funds, benefiting Hawaiian Electric's stock price [6]. Group 2: Stock Performance Metrics - Following the announcement, Hawaiian Electric's stock price rose by $1.22 to a current price of $12.46 [5]. - The market capitalization of Hawaiian Electric is reported at $2 billion, with a trading volume of 6.9 million shares on the day of the announcement [5][6]. - The stock's 52-week range is between $8.14 and $13.41, indicating a notable increase in value [6].