What's moving ELF today?

I know, we don’t generally pay much attention to the daily girations of a given stock, but when a stock moves more than 5% in a day, it’s worth looking into in order to see if there might have been a material change in the business.

All I’ve been able to find with respect to ELF is that it is being removed from the S&P 600 small cap index while being added to the S&P 400 mid cap index at the same time.

Exactly why this would have a negative impact on the stock price is a mystery to me, but apparently that’s the driver of the 5+% downside motion.

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RE: ELF’s (ELF stand for “Eyes, Lips, & Face”) decline today, more mutual funds and ETFs track the S&P SmallCap 600 than the S&P MidCap 400 presumably because of the perception that there are more “Small Cap” funds and ETFs than there are “Mid Cap” funds and ETFs, per Investor’s Business Daily, today. Seems to make sense.

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@GaryMF2020, Thanks. Mystery solved.

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