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SOME SMIDS TO WATCH IN THE RUSSELL RECON

Among the many stocks whose performance may be affected by the Russell indexes' reconstitution Friday will be Cal-Maine Foods CALM.O, CBIZ CBZ.N and First Watch Restaurant Group FWRG.O, three companies that will transition from pure value to pure growth, Melissa Roberts and other analysts at Stephens say.

They say in a note that the style shift could create pressure on both Cal-Maine and CBIZ, while First Watch may fare better as "recent solid fundamental trends could provide a key differentiator and critical offset to any technical post-Recon pressure."

They note that historically small- and mid-capitalization stocks reclassified to value have seen "immediate technical headwinds and mostly lagged peers in both the week and three months post Recon, reflecting the impacts of a changing active ownership base and pressure from passive SMID value ETF net outflows."

Pure value stocks are often further pressured by selling from small- and mid-cap passive value exchange-traded fund net outflows, they add.

Cal-Maine shares are down 3.5% on Thursday, while CBIZ is down 2.1% and First Watch is up 1.1%.

FTSE Russell is reorganizing the components in its range of indexes in Friday's event, which will also result in some big shifts in value and growth classifications for some of the market's largest technology companies like Apple AAPL.O and Microsoft MSFT.O.

Index changes take effect after the U.S. market close on Friday.

(Caroline Valetkevitch)

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