Under Armour will be dropped from the S&P 500 stock index on June 21, the S&P Dow Jones Indices announced Friday.

Keurig Dr. Pepper Inc. and ON Semiconductor Corp. will be added to the index while Under Armour and IPG Photonics Corp. will be cut.

Dow Jones said the Baltimore-based sportswear company is now more representative of the mid-cap market space and will join the S&P MidCap 400 index.

The S&P 500 Index features 500 leading U.S. publicly traded companies such Apple, Amazon and Microsoft.... Read More: FOX Baltimore