BUZZ - Howard Hughes, backed by Ackman, rises as shares are added to the S&P SmallCap Index

October 26 - ** Shares of Howard Hughes Holdings (HHH.N), backed by Bill Ackman, rose 6.7% in early trading on Monday, reaching as high as $74.90, after the diversified investment company is set to join the S&P SmallCap 600 Index (.SPCY) this week.

** S&P Dow Jones Indices announced late Friday (link) that HHH will replace Arcosa ACA.N and will officially be included in the SPCY index before market open on Wednesday, October 28.

** Ireland’s CRH CRH.N on Friday (link) completed its (link) $8.5 billion acquisition of infrastructure-related product supplier ACA.

** Known for its master-planned communities, HHH last year shifted its business focus toward acquiring controlling stakes in companies from other industries, as part of a broader effort by Executive Chairman Ackman to build a diversified holding company modeled on Berkshire Hathaway BRKa.N.

** Stephens’ analyst Melissa Roberts said in a report that passive funds are expected to need to buy 4.3 million shares of HHH stock, representing about six days’ worth of buying demand.

** HHH, based in The Woodlands, Texas, has about 59.7 million shares outstanding and a market capitalization of about $4.4 billion.

** HHH shares last traded at $73.75, up 5.1%, narrowing the year-to-date loss to about 8%.

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