NEW YORK (TheStreet) -- Shares of American Airlines Group (AAL) - Get Report are rallying, up 5.96% to $53.22 on heavy volume in midday trading Tuesday, after the S&P Dow Jones Indices announced late Monday that the airline will replace Allergan (AGN) - Get Report in the S&P 500 after the close of trading on Friday, March 20.

The change comes as Actavis (ACT) - Get Report completes its purchase of botox-maker Allergan.

American Airlines will become the third airline to be included in the index, joining peers Southwest Airlines (LUV) - Get Report and Delta Air Lines (DAL) - Get Report.

About 18.56 million shares of American Airlines have exchanged hands, compared to its average trading volume of about 10.01 million shares a day.

Fort Worth, TX-based American Airlines provides scheduled jet service to approximately 160 destinations throughout North America, the Caribbean, Latin America, Europe and Asia. American Airlines also owns US Airways.

Insight from TheStreet's Research Team:

Bob Lang, Co-Portfolio Manager of Trifecta Stocks provided technical analysis on the American Airlines stock chart. Here is what Lang had to say:

The chart is constructive here and is gapping higher this morning on the inclusion to the SPX 500 (replacing AGN). The recent consolidation has been worthy of attempting to moving back into the name and even this move provides a decent first entry. The MACD is on a solid buy signal while momentum indicators are pointing to some overbought levels.

We recently saw a move near this area stall out when oil started moving higher, so unless there is some follow through we would suggest waiting for a pause. Today's gap is likely to be filled soon, which would probably be an excellent buy point (circa 50, right near the 50 ma)

-Bob Lang, Co-Portfolio Manager of Trifecta Stocks, 3/17/2015

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Separately, TheStreet Ratings team rates AMERICAN AIRLINES GROUP INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate AMERICAN AIRLINES GROUP INC (AAL) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its notable return on equity, robust revenue growth and solid stock price performance. However, as a counter to these strengths, we find that the company has favored debt over equity in the management of its balance sheet." You can view the full analysis from the report here: AAL Ratings Report