BUZZ - Ingram Micro surges ahead of inclusion in the S&P SmallCap Index

November 12 - ** On Thursday, IT product distributor Ingram Micro (INGM.N) shares rose 6.8% to $29.89 after the company was set to be added to the S&P SmallCap 600 Index (.SPCY) next week

** The stock reached its highest price since July 30 and is on track for a fifth consecutive day of gains

** S&P Dow Jones Indices (link) announced late Wednesday that INGM will replace Pacira BioSciences PCRX.O in the SPCY index starting Tuesday, November 17

** PCRX is being acquired by Viatris VTRS.O for $1.7 billion (link), with the deal expected to close soon

** Stephens analyst Melissa Roberts said in a report that she expects passive funds will need to buy about 8.6 million shares of INGM, which represents nearly four days of buying demand

** At the close of the previous trading day, California-based INGM had about 229.1 million shares outstanding and a market capitalization of $6.4 billion

** With the recent increase, the stock is up 22% over the past week and has gained about 40% year to date

** Of 15 analysts, seven rate the stock a “strong buy” or “buy” and eight have a “hold” rating; the median target price is $32.50

** Last week, major shareholder Platinum Equity cut its holdings in INGM (link)

(To facilitate non-English speakers, Reuters provides automated translation of its reports in several other languages. As automated translation may contain errors or may not convey the intended context, Reuters does not guarantee the accuracy of the translated text. It is offered solely for the convenience of readers. Reuters accepts no responsibility for any damage or loss resulting from the use of automated translation functions.)