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’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.

AppLovin stock was falling sharply Monday after the software company wasn’t added to the during the index’s quarterly rebalancing. Shares of AppLovin fell 16% to $338.84 and were on track for their lowest same-day percentage decrease on record,

AppLovin (NASDAQ: APP) investors had much to celebrate last month, as shares of the stock jumped 98.8% in November, according to data supplied by S&P Global Market Intelligence. The catalyst that initially lifted AppLovin stock higher was a blockbuster financial report.