Hawaiian shares rose 8.8% on Wednesday to $25.17, leading the airline industry. Year to date, Hawaiian shares are down 3.4%.
On Thursday, just after the opening bell, Hawaiian shares were down 1.5% to $24.79.
Hawaiian's move is part of a musical chairs session in the index world.
S&P Dow Jones Indices LLC, a part of McGraw Hill Financial, said S&P SmallCap 600 constituent Bank of the Ozarks (OZRK) will replace Exelis (XLS) in the S&P MidCap 400, and Hawaiian will replace Bank of the Ozarks in the S&P SmallCap 600.
This is all because S&P 500 constituent Harris Corp. (HRS) is acquiring Exelis in a deal expected to be completed before trading opens on Friday.