Check Point Software Technologies
are to join
in the prestigious
index explains why their stocks leaped by more than 15% Friday.
The two stocks will be added to the index Dec. 18. Their inclusion means that index mutual funds and exchange traded funds that track the Nasdaq 100 will buy these two Israeli companies.
That puts the three Israeli high-tech companies in pretty good company. The index's top five are
. All maintain development centers in Israel.
Check Point's market cap is up to $27 billion, four times that of
, another newcomer on the Nasdaq 100, putting the Israeli company among the index's 25 most valuable companies.
Check Point will make up 1.28% of the index, placing it in 22nd position. Its positioning is a function of both market cap and negotiability, but Check Point is in the top 30 in the second category too.
Check Point has been on the market for four of its eight years.
together don't match its market value.
is today worth only $18 billion, half the value of Check Point, as companies have been buying Check Point's data security systems and virtual private networks while Yahoo!'s business model has increasingly come under fire.
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