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Update: Reddit to Replace AvalonBay in S&P 500, S&P Says

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(Updates with stock movement in the last paragraph.)

Reddit (RDDT) will replace AvalonBay Communities (AVB) in the S&P 500 prior to the opening of trading on Aug. 18, S&P Dow Jones Indices said Thursday.

Equity Residential (EQR), a S&P 500 constituent, is acquiring AvalonBay in a deal expected to be completed soon, S&P said, adding that the combined company will be renamed Vivmark Residential (VMRK) and will remain in the index post merger.

Reddit's shares were up over 12% after-market hours.

Price: $177.80, Change: $+19.68, Percent Change: +12.45%

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