{"id":56306,"date":"2024-03-28T14:23:46","date_gmt":"2024-03-28T18:23:46","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/reddits-stock-market-cake-day-and-what-it-means-for-major-indices\/"},"modified":"2024-10-30T11:37:48","modified_gmt":"2024-10-30T15:37:48","slug":"reddits-stock-market-cake-day-and-what-it-means-for-major-indices","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/trading\/reddits-stock-market-cake-day-and-what-it-means-for-major-indices\/","title":{"rendered":"Reddit\u2019s stock market \u2018Cake Day\u2019 and what it means for major indices"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n\t<style>section[data-anchor=row-69d043464893b]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\t<section\n\tclass='bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed' data-anchor='row-69d043464893b'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Reddit\u2019s stock market \u2018Cake Day\u2019 and what it means for major indices<\/h1>\n<\/p>\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d043464d8e8'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg byline' style=''>\n\t\t\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\t\t\t<\/div>\n\n\t\t\t    <p class=\"bbg-metadata bbg-metadata--date\">March 28, 2024<\/p>\n<\/p>\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed' data-anchor='row-69d043464f442'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><em>This article was written by Bloomberg&#8217;s Index Multi-Asset Product Team.<\/em><\/p>\n<p>When a user creates an account on Reddit, their sign-up date is known in Reddit lingo as their \u2018Cake Day\u2019 \u2013 a day to commemorate the birth or anniversary of their account. On March 21<sup>st<\/sup>, Reddit celebrated a new type of Cake Day: its first day of trading on the New York Stock Exchange.<\/p>\n<p>In Reddit Inc.\u2019s recent initial public offering, the company issued nearly 22 million shares for a price of $34 per share. In its early days of trading post-IPO, Reddit traded around $48 per share, reaching a market capitalization of $7.7 billion. Many have linked the stock\u2019s performance to Reddit\u2019s potential in data licensing, particularly in the generative AI space.<\/p>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore our index families.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_651271792533191941\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p>In the weeks following Reddit\u2019s IPO, it\u2019s not far-fetched to imagine a world in which Reddit surges beyond $10 to $12 billion of market capitalization. If Reddit reaches this milestone, it could reach the threshold required to join the top 500 U.S. securities \u2013 a move that could allow it to soon qualify for major market indices.<\/p>\n<p>If Reddit had traded at its current price of over $65 for its first five consecutive trading days, it would have been eligible to join the B500 Index through a process called fast-track IPO. In this process, newly-listed securities can be added to indices with a three business day notice if they meet the criteria for fast-track addition set out in Bloomberg\u2019s <a href=\"https:\/\/assets.bbhub.io\/professional\/sites\/10\/Bloomberg_US-Dom_Corp-Action_Market-Cap-Index-Meth.pdf\">equity index corporate action methodology<\/a>. This rule has previously allowed other high-profile listings to bypass the traditional selection process in which companies are evaluated on an index\u2019s selection date, which can sometimes occur months after a company\u2019s initial listing.<\/p>\n<p>The latest example of this in the B500 Index is Kenvue, which joined the index last year. On May 4<sup>th<\/sup>, 2023, Johnson &amp; Johnson spinoff Kenvue joined the New York Stock exchange. With an initial valuation of $41.6 billion, Kenvue was solidly within the ranks of other U.S. Large Cap companies. After its first 5 consecutive days of trading, Kenvue met each of the criteria for joining Bloomberg\u2019s U.S. Large Cap Index via the fast-track process and was added on May 16<sup>th<\/sup>.<\/p>\n\t\t\t<\/div>\n\n\t\t\t<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"366\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Reddit-Figure-1.png\" class=\"bbg-single-image__image attachment-large\" alt=\"Kenvue Trading After IPO\" title=\"Reddit-Figure-1\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Reddit-Figure-1.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Reddit-Figure-1.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Reddit-Figure-1.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Reddit-Figure-1.png 898w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n    class=\"bbg-spacer bbg-spacer--md\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p>The fast-track IPO mechanism offers a path for companies like Kenvue to be represented in an index in a timely manner. Kenvue was added to the S&amp;P 500 on August 25<sup>th<\/sup>, 2023 and to the Russell 1000 on August 24<sup>th<\/sup>, 2023. With a more responsive benchmark, managers are better able to manage the addition of large cap companies. If the primary goal of an index is to accurately represent an investable universe, this waiting period can delay the addition of newly listed but significant companies to an index \u2013 large cap companies like Kenvue may not be represented until a nearly a full quarter later.<\/p>\n<p>To learn more about the fast-track IPO process, click <a href=\"https:\/\/assets.bbhub.io\/professional\/sites\/10\/Bloomberg-US-Domestic-Equity-Indices-Methodology.pdf\">here<\/a>. For more information and an overview of Bloomberg\u2019s US Domestic Indices, click <a href=\"https:\/\/assets.bbhub.io\/professional\/sites\/10\/Bloomberg-US-Equity-Indices-Overview.pdf\">here<\/a>.<\/p>\n\t\t\t<\/div>\n\n\t\t\t\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><span style=\"font-size: 10px;\"><em>The data and other information included in this publication is for illustrative purposes only, available \u201cas is\u201d, non-binding and constitutes the provision of factual information, rather than financial product advice. BLOOMBERG and BLOOMBERG INDICES (the \u201cIndices\u201d) are trademarks or service marks of Bloomberg Finance L.P. (\u201cBFLP\u201d). BFLP and its affiliates, including BISL, the administrator of the Indices, or their licensors own all proprietary rights in the Indices. Bloomberg L.P. (\u201cBLP\u201d) or one of its subsidiaries provides BFLP, BISL and its subsidiaries with global marketing and operational support and service.\u00a0<\/em><\/span><\/p>\n\t\t\t<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<style>section[data-anchor=row-69d043465a08b]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\t<section\n\tclass='bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed' data-anchor='row-69d043465a08b'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    \t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h2>Recommended for you<\/h2>\n\t\t\t<\/div>\n\n\t\t\t<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    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Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_7400030953565863921\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On March 21st, Reddit celebrated its first day of trading on the NYSE. In their initial public offering, the company issued nearly 22 million shares at $34 per share. 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