Vista Outdoor's Stock Drops After Being Booted From S&P's Mid-cap Index

Shares of Vista Outdoor Inc. slumped 2.4% in midday trade Monday, after the guns and ammunition maker was booted from the S&P MidCap 400 index following the recent sharp decline in market capitalization. S&P Dow Jones Indices said late Friday that it had increased the market cap guidelines for its U.S. indices to better reflect the stock market's rally so far this year. The range for the MidCap 400 increased to $1.6 billion to $6.8 billion from $1.4 billion to $5.9 billion. Vista was moved into the S&P SmallCap 600 , which saw its market cap guideline range rise to $450 million to $2.1 billion from $400 million to $1.8 million. With Vista's stock down 47% over the past three months, the market cap has fallen to $1.15 billion, according to FactSet. In comparison, the MidCap 400 has gained 1.7% over the past three months, while the SmallCap 600 has lost 1.8% and the S&P 500 has tacked on 4.3%.