Twitter jumped as much as 5 percent in extended trading on Monday, after Dow Jones Indices announced the social media company would replace Monsanto in the S&P 500. Another tech company, Netflix will fill the agricultural giant’s place on the S&P 100.

The gains pushed Twitter stock above $39 a share after hours, extending earlier gains during the regular session that had pushed the company to a 52-week-high.

The changes will go into effect prior to market open on Thursday, June 7.

German pharmaceutical and life sciences company Bayer is wrapping up its $63 billion takeover of Monsanto. As part of the acquisition, Bayer will retire Monsanto’s iconic name.

Shares of Twitter are up nearly 58 percent year-to-date and more than 100 percent year-over-year.

Source: Tech CNBC
Twitter stock jumps on news it'll replace Monsanto in S&P 500