Facebook Poised to Join the Nasdaq 100; Replaces Infosys

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Published December 05, 2012

| FOXBusiness

Rebounding social-networking giant Facebook (FB) has been tapped to join the Nasdaq 100 next week, replacing outgoing IT services firm Infosys (INFY).

Shares of Mark Zuckerberg’s tech company rallied nearly 2% in premarket action in response to the news.

Nasdaq OMX Group (NDAQ) said late Tuesday that Facebook will be added to the Nasdaq 100 on December 12, joining an index that tracks the 100 largest non-financial companies listed on the Nasdaq.

With a market cap just shy of $60 billion, Facebook had been the largest Nasdaq-listed company not already in the Nasdaq 100.

Facebook is replacing Infosys, India’s No. 2 software services provider, which announced plans last week to jump ship to join NYSE Euronext’s (NYX) New York Stock Exchange. Infosys will keep the “INFY” symbol.

The move had been expected as Nasdaq recently cut its “seasoning” period for a new company to enter the Nasdaq 100 from about a year to three months, helping to persuade Facebook to list there rather than the Big Board, The Wall Street Journal reported.

Since plummeting to a record low of $17.55 in early September, Facebook’s shares have soared 56% amid rising optimism about its ability to monetize its mobile offerings. Yet the stock remains down 39% since its all-time intraday high of $45.00 when it went public in May.

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http://www.foxbusiness.com/technology/2012/12/05/facebook-poised-to-join-nasdaq-100-replaces-infosys/