Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.</li>
<li>We expect two regular changes in June 2025. There are also multiple live spin-off and M&amp;A events which are likely to trigger intra-review index changes.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the June 2025 index rebal event.
We expect two regular changes in June 2025. There are also multiple live spin-off and M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index Mar25] S&P500/600 Jun25 Rebal: Early Days But a Few Intrareview Changes Possible

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

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>The company filed the required SEC filings right on the deadline of 25 February 2025, thus has avoided a Nasdaq delisting and consequently a deletion from s&amp;p500 and other indices.</li>
<li>The security continues to be a contender for Nasdaq-100 inclusion at the December 2025 annual review.</li>
<li>The stock is up ~21.7% pre-market following the SEC filings.</li>
</ul>


The company filed the required SEC filings right on the deadline of 25 February 2025, thus has avoided a Nasdaq delisting and consequently a deletion from s&amp;p500 and other indices.
The security continues to be a contender for Nasdaq-100 inclusion at the December 2025 annual review.
The stock is up ~21.7% pre-market following the SEC filings.


Super Micro Computer (SMCI US): Avoided Nasdaq Delisting & Targets Nasdaq100 Inclusion

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mongodb-inc" target="_blank" data-smartkarma-citation="entities:26655:1" rel="noopener">MongoDB (MDB US)</a> and <a href="https://www.smartkarma.com/entities/biogen-inc" target="_blank" data-smartkarma-citation="entities:972:1" rel="noopener">Biogen Inc (BIIB US)</a> are the main candidates for deletion based on their current and previous-review ranking.</li>
<li>
<a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> is expected to be deleted from the index by June 2025 following its $35bn acquisition by <a href="https://www.smartkarma.com/entities/synopsys-inc" target="_blank" data-smartkarma-citation="entities:3493:1" rel="noopener">Synopsys Inc (SNPS US)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/united-airlines-holdings-inc" target="_blank" data-smartkarma-citation="entities:15776:1" rel="noopener">United Airlines Holdings (UAL US)</a> and <a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a> are <em>currently</em> the main candidates for addition, thus the first in line to replace <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a>.</li>
</ul>



MongoDB (MDB US) and Biogen Inc (BIIB US) are the main candidates for deletion based on their current and previous-review ranking.

Ansys Inc (ANSS US) is expected to be deleted from the index by June 2025 following its $35bn acquisition by Synopsys Inc (SNPS US). 

United Airlines Holdings (UAL US) and Alnylam Pharmaceuticals (ALNY US) are currently the main candidates for addition, thus the first in line to replace Ansys Inc (ANSS US).


Nasdaq100 Dec2025 Forecast (Part 1): MDB & BIIB in Trouble; UAL & ALNY First Replacements

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>Synopsys, Inc. (Synopsys) reported robust financial results for the third quarter of the fiscal year 2024, surpassing the midpoint of all guidance targets and achieving a quarterly revenue record.</li><li>The company’s revenue increased by 13% year-over-year, aligning with the upper range of their projections.</li><li>Non-GAAP operating margin improved by 3.6 points year-over-year to 40%, and non-GAAP EPS rose by 27% year-over year, also exceeding guidance.</li></ul>

Synopsys, Inc. (Synopsys) reported robust financial results for the third quarter of the fiscal year 2024, surpassing the midpoint of all guidance targets and achieving a quarterly revenue record.The company’s revenue increased by 13% year-over-year, aligning with the upper range of their projections.Non-GAAP operating margin improved by 3.6 points year-over-year to 40%, and non-GAAP EPS rose by 27% year-over year, also exceeding guidance.

Synopsys Inc.: How Are They Becoming A Comprehensive Silicon-To-Software-To-Systems Provider! - Major Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a> IE considers <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>’ A$68.50 scheme offer fair and reasonable as it is above the midpoint of the A$62.37 to A$70.27 valuation range. </li>
<li>The offer is conditional on remaining regulatory approvals (FIRB, CFIUS) and shareholder approval. </li>
<li>The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%/11.6%.</li>
</ul>


The Altium Ltd (ALU AU) IE considers Renesas Electronics (6723 JP)’ A$68.50 scheme offer fair and reasonable as it is above the midpoint of the A$62.37 to A$70.27 valuation range. 
The offer is conditional on remaining regulatory approvals (FIRB, CFIUS) and shareholder approval. 
The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%/11.6%.


United States

Synopsys, Inc. supplies electronic design automation solutions to the global electronics market.  The Company provides design technologies to creators of advanced integrated circuits, electronic systems, and systems on a chip. Synopsys also provides consulting services and support to its customers to streamline the overall design process and accelerate time to market.

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Synopsys Inc (SNPS US)

[Quiddity Index Mar25] S&P500/600 Jun25 Rebal: Early Days But a Few Intrareview Changes Possible

The S&P500/400/600 rebalance for March is done as of Friday. The S&P rebalance for June now has a leaderboard. APP and CRH lead from outside the...

Travis Lundy

Super Micro Computer (SMCI US): Avoided Nasdaq Delisting & Targets Nasdaq100 Inclusion

SMCI avoids Nasdaq delisting and s&p500 deletion by filing SEC documents on the deadline. Stock is up ~21.7% pre-market and it has potential for...

Dimitris Ioannidis

Nasdaq100 Dec2025 Forecast (Part 1): MDB & BIIB in Trouble; UAL & ALNY First Replacements

Ansys (ANSS) is expected to be deleted from Nasdaq100 by June 2025 following its acquisition by Synopsys (SNPS). United Airlines (UAL) and Alnylam...

Dimitris Ioannidis

Synopsys Inc.: How Are They Becoming A Comprehensive Silicon-To-Software-To-Systems Provider! - Major Drivers

Synopsys, Inc. (Synopsys) reported robust financial results for the third quarter of the fiscal year 2024, surpassing the midpoint of all guidance...

Baptista Research

Altium (ALU AU): Scheme Vote on 12 July

The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%...

Arun George

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[Quiddity Index Mar25] S&P500/600 Jun25 Rebal: Early Days But a Few Intrareview Changes Possible

The S&P500/400/600 rebalance for March is done as of Friday. The S&P rebalance for June now has a leaderboard. APP and CRH lead from outside the...

Travis Lundy

Super Micro Computer (SMCI US): Avoided Nasdaq Delisting & Targets Nasdaq100 Inclusion

​SMCI avoids Nasdaq delisting and s&p500 deletion by filing SEC documents on the deadline. Stock is up ~21.7% pre-market and it has potential for...

Dimitris Ioannidis

Nasdaq100 Dec2025 Forecast (Part 1): MDB & BIIB in Trouble; UAL & ALNY First Replacements

Ansys (ANSS) is expected to be deleted from Nasdaq100 by June 2025 following its acquisition by Synopsys (SNPS). United Airlines (UAL) and Alnylam...

Dimitris Ioannidis

Synopsys Inc.: How Are They Becoming A Comprehensive Silicon-To-Software-To-Systems Provider! - Major Drivers

Synopsys, Inc. (Synopsys) reported robust financial results for the third quarter of the fiscal year 2024, surpassing the midpoint of all guidance...

Baptista Research

Altium (ALU AU): Scheme Vote on 12 July

The offer price is attractive and 31% above the all-time high. At the last close and for the 1 August payment, the gross/annualised spread was 1.7%...

Arun George

SMCI avoids Nasdaq delisting and s&p500 deletion by filing SEC documents on the deadline. Stock is up ~21.7% pre-market and it has potential for...