AppLovin’s $135 billion market cap and 900% year-to-date surge through Friday’s close weren’t enough to earn it entry into the benchmark large-cap index.

Shares of mobile app advertising platform AppLovin (NASDAQ: APP) fell 15.9% in the morning session after the company wasn't added to the S&P 500 Index. On Friday, December 6, 2024, markets speculated that AppLovin was a strong contender to join the Index,

AppLovin shareholders have been "lovin" the stock, which nearly doubled in November. The company's robust results and expansion into a new market set off a stampede of price target increases and upgrades from Wall Street.