Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>A spin-off completes next week, and the new company's entry into the SP 500 is expected to trigger an intra-review deletion.</li>
<li>We expect two ADDs and two DELs at the December 2026 rebalance, and two M&amp;A deals could trigger intra-review ADDs before that.</li>
</ul>


The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.
A spin-off completes next week, and the new company's entry into the SP 500 is expected to trigger an intra-review deletion.
We expect two ADDs and two DELs at the December 2026 rebalance, and two M&amp;A deals could trigger intra-review ADDs before that.


Quiddity Leaderboard SP500/600 Dec26 Rebal: Two M&A Deals Pending; One Spin-Off ADD Imminent

<ul>
<li>The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>We expect two ADDs and two DELs at the September 2026 rebalance, with some larger names likely skipped over on volatility grounds.</li>
<li>No intra-review changes are expected before the rebal as the pending deals have been pushed out by regulatory challenges.</li>
</ul>


The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.
We expect two ADDs and two DELs at the September 2026 rebalance, with some larger names likely skipped over on volatility grounds.
No intra-review changes are expected before the rebal as the pending deals have been pushed out by regulatory challenges.


Quiddity Leaderboard SP500/600 Sep26 Rebal: 2 ADDs/DELs & No Intra-Review Changes Before the Rebal

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>There are two pending M&amp;A deals on track to trigger deletions before the September rebalance, but no room for intra-review replacements with membership already at 102.</li>
<li>We expect no changes at the September 2026 indexx rebal event, though the increase in SpaceX free float weight, should still drive roughly US$19bn of one way flow.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
There are two pending M&amp;A deals on track to trigger deletions before the September rebalance, but no room for intra-review replacements with membership already at 102.
We expect no changes at the September 2026 indexx rebal event, though the increase in SpaceX free float weight, should still drive roughly US$19bn of one way flow.


Quiddity Leaderboard Nasdaq100 Sep26 Rebal: No Changes, Flow Driven by SpaceX Free Float Upweight

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/atlassian-corp" target="_blank" data-smartkarma-citation="entities:21026:1" rel="noopener">Atlassian (TEAM US)</a> is expected to be deleted from Nasdaq100 in April 2026 due to low index weighting following a price tumble of ~50% in the last 3 months.</li>
<li>
<a href="https://www.smartkarma.com/entities/sandisk-corp" target="_blank" data-smartkarma-citation="entities:1093:1" rel="noopener">Sandisk Corp (SNDK US)</a> is forecasted to replace <a href="https://www.smartkarma.com/entities/atlassian-corp" target="_blank" data-smartkarma-citation="entities:21026:1" rel="noopener">Atlassian (TEAM US)</a> as it is the highest-ranked non-constituent following a price surge of ~200% in the last 3 months.</li>
<li>
<a href="https://www.smartkarma.com/entities/lumentum-holdings-inc" target="_blank" data-smartkarma-citation="entities:12529:1" rel="noopener">Lumentum Holdings (LITE US)</a> is now the top addition candidate following the anticipated inclusion of <a href="https://www.smartkarma.com/entities/sandisk-corp" target="_blank" data-smartkarma-citation="entities:1093:1" rel="noopener">Sandisk Corp (SNDK US)</a>.</li>
</ul>



Atlassian (TEAM US) is expected to be deleted from Nasdaq100 in April 2026 due to low index weighting following a price tumble of ~50% in the last 3 months.

Sandisk Corp (SNDK US) is forecasted to replace Atlassian (TEAM US) as it is the highest-ranked non-constituent following a price surge of ~200% in the last 3 months.

Lumentum Holdings (LITE US) is now the top addition candidate following the anticipated inclusion of Sandisk Corp (SNDK US).


Atlassian (TEAM US): Fast-Exit Potential from Nasdaq100 in April 2026

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Paramount Skydance is preparing to launch one of the most ambitious takeover attempts in Hollywood’s history: a majority cash bid to acquire Warner Bros. Discovery, backed by the vast fortune of Larry Ellison.</li><li>Fresh off the August 2025 completion of their own merger, Paramount and Skydance are positioning themselves for another transformative leap.</li><li>Warner Bros. Discovery, with an enterprise value of roughly $71 billion and a library that includes DC Comics, Harry Potter, HBO, and CNN, represents a target more than twice the size of Paramount’s own $19 billion market capitalization.</li></ul>

Paramount Skydance is preparing to launch one of the most ambitious takeover attempts in Hollywood’s history: a majority cash bid to acquire Warner Bros. Discovery, backed by the vast fortune of Larry Ellison.Fresh off the August 2025 completion of their own merger, Paramount and Skydance are positioning themselves for another transformative leap.Warner Bros. Discovery, with an enterprise value of roughly $71 billion and a library that includes DC Comics, Harry Potter, HBO, and CNN, represents a target more than twice the size of Paramount’s own $19 billion market capitalization.

Paramount Skydance’s Bold $70 Billion Gamble: Ellison-Backed Bid For Warner Bros. Discovery!

United States

Paramount Skydance Corporation operates as a mass media and entertainment company. The Company provides broadcast of content through studios, networks, streaming services, live events, and merchandise. Paramount Skydance serves audiences worldwide.

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Paramount Skydance (PSKY US)

Quiddity Leaderboard SP500/600 Dec26 Rebal: Two M&A Deals Pending; One Spin-Off ADD Imminent

SP DJI could announce the addition of Vylor (VYLR US), the seed business spun off from Corteva (CTVA US), to the SP 500 within this week. Our...

Anjana Amarasuriya

Quiddity Leaderboard SP500/600 Sep26 Rebal: 2 ADDs/DELs & No Intra-Review Changes Before the Rebal

Cheniere Energy (LNG US) posted ~US$3.07bn of net income in its Q2 2026 results on 6 August 2026, clearing the SP 500 financial viability...

Anjana Amarasuriya

Quiddity Leaderboard Nasdaq100 Sep26 Rebal: No Changes, Flow Driven by SpaceX Free Float Upweight

$8.5bn SpaceX inclusion flow, adds $19bn more on free float upweight. Pending EA/WBD deletions won't open slots for new adds as member count...

Anjana Amarasuriya

Atlassian (TEAM US): Fast-Exit Potential from Nasdaq100 in April 2026

The consultation has concluded, and the fast-exit rule will be removed effective May 2026. As a result, Atlassian (TEAM US) is still expected to be...

Dimitris Ioannidis

Paramount Skydance’s Bold $70 Billion Gamble: Ellison-Backed Bid For Warner Bros. Discovery!

Paramount Skydance is preparing to launch one of the most ambitious takeover attempts in Hollywood’s history: a majority cash bid to acquire...

Baptista Research

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