PORTLAND, Ore. -- A robot rang the Nasdaq closing bell for the first time to celebrate the listing of a robotic industry stock index that began trading Tuesday. A Universal Robots' arm with a Schunk hand rang the bell.
"Robo-Stox is an index traded on the Nasdaq which uses a formula applied to the prices of 77 robotic stocks," Frank Tobe, editor of The Robot Report and co-founder of Robo-Stox LLC, told us. "Traded under the ticker symbol ROBO, it is the first benchmark index focused on robotics and related automation technologies."
The Robo-Stox index on Nasdaq is the first index based on the performance or robotics stocks and securities worldwide.
(Source: Robo-Stox LLC)
ROBO opened at $25.43 and closed at $25.40, down 0.12 percent on a volume of 76,953 shares.
Officially called the Robo-Stox Global Robotics and Automation Index, it was designed to measure the performance of the robotics and automation industry in 15 countries around the world. It involves companies listed on multiple foreign and domestic exchanges. The mix of companies is 38 percent domestic and 62 percent foreign. The exact companies included in the index is managed by an Index Committee of robotics and index analysts, who will update it quarterly, though deletions from the list could come at any time due to bankruptcies or other major upheavals.
According to Tobe, the listing involved a number of firsts -- the first time a robot rang the Nasdaq bell, the first time a benchmark index has focused on robotics, and the first time investors have been given the opportunity to capitalize on the growing momentum behind the industrial automation revolution being fostered by robotics. "This is something I've dreamed of and worked towards for almost eight years," he said.
The index maintains two different categories of stocks -- bellwether and nonbellweather. As of today, the mix is 40 percent bellwether and 60 percent nonbellweather. The 18 bellweather stocks are given approximately double the weight given the 59 nonbellweather stocks.
For all the details, visit robostox.com.
— R. Colin Johnson, Advanced Technology Editor, EE Times