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American City Business Journals
Under Armour Inc. has been dropped from the S&P 500 after a rocky few weeks that saw the company report disappointing quarterly results and part ways with its CEO. The Baltimore sportswear maker will be removed from the stock market index starting June 21 and instead moved to the S&P Midcap 400, according to a release from the S&P Dow Jones Indices on Friday. Under Armour (NYSE: UAA) will be replaced on the S&P 500 by Keurig Dr. Pepper Inc. (Nasdaq: KDP) while IPG Photonics Corp. (Nasdaq: IPGP) will also be downgraded and replaced by ON Semiconductor Corp. (Nasdaq: ON) The S&P 500, an index of stocks for 500 large-cap companies, is one of the most closely watched stock indexes in the country, and it’s a strong indicator of the health of the U.S. stock market.