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Dolby shares rose 10% as of midday. They are up 20% so far this year.
The audio technology company is replacing STAAR Surgical Company (NASDAQ:STAA), S&P said. Staar’s stock was up 3.8%.
At the same time, Staar Surgical will replace Urstadt Biddle Properties (NYSE:UBA) in the S&P SmallCap 600 index, all effective prior to the opening of trading on Aug. 22.
S&P said Regency Centers (NASDAQ:REG) will acquire Urstadt Biddle Properties in a transaction expected to close soon. “Staar Surgical is more representative of the small-cap market space,” the index company said.
