This article first appeared on GuruFocus .
Okta Inc. ( NASDAQ:OKTA ) rose 0.36% in premarket after S&P Dow Jones Indices said late Friday the identity and access management provider would join the S&P 500 before the open on November 4.
Okta takes the seat of Kenvue Inc. ( NYSE:KVUE ), which Kimberly-Clark Corporation ( NASDAQ:KMB ) is buying in a deal valued at about $40 billion . S&P said that transaction is expected to close soon, pending final closing conditions. The reshuffle cascades down the index family. Health care company Glaukos Corp. ( NYSE:GKOS ) moves up to fill Okta's place in the S&P MidCap 400, and McGrath RentCorp ( NASDAQ:MGRC ) takes Glaukos's slot in the S&P SmallCap 600.
Okta fell more than 6% in Friday's session during a broad tech selloff. Shares were still up around 140% year to date. Funds tracking the benchmark need to own the stock by Wednesday's open, leaving Monday and Tuesday for that buying to show up.
