8legs: S&p dow jones indices

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Veeva Systems to join S&P 500 index, replacing Coterra Energy

Veeva Systems will join the S&P 500, replacing Coterra Energy, ahead of May 7 trading.
The move follows Veeva's year-to-date pressure as investors worry about AI disruption in cloud software.
Veeva’s quarterly results showed a $244 million profit on about $836 million in revenue.
Veeva’s stock rose about 10% in extended trading after the index announcement.
Veeva was founded in 2007 and went public in 2013 on the New York Stock Exchange.
S&P Dow Jones Indices announced the addition as part of benchmark adjustments.
Coterra Energy is being acquired by Devon Energy, prompting its removal.
Analysts expect index changes to influence fund managers' trading to match benchmarks.
Veeva faces competition from major tech and cloud players like Amazon and Microsoft.
Veeva is a life sciences cloud software provider focused on drugmakers.
The addition marks another tech company entering the S&P 500 in recent years.

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