Why Arch Capital Group Shares Are Popping Off Friday Following Elon Musk's Twitter Acquisition

Why Arch Capital Group Shares Are Popping Off Friday Following Elon Musk's Twitter Acquisition

Arch Capital Group Ltd. ACGL shares are trading higher by 10.01% to $56.86 going into the close of Friday's trading session after it was announced the company is set to join the S&P 500.

Additionally, RBC Capital analyst Mark Dwelle maintained Arch Capital Group with an Outperform and raised the price target from $57 to $60.

What Happened?

Arch Capital Group will replace Twitter Inc. in the S&P 500 effective prior to the opening of trading on Tuesday, November 1. Elon Musk acquired Twitter in a transaction that closed on Friday, October 28.

Arch Capital Group is a Bermuda company which writes insurance and reinsurance.

According to data from Benzinga Pro, Arch Capital Group has a 52-week high of $56.99 and a 52-week low of $40.24.

Posted In: why it's movingMoversTrading Ideas