The S&P 500 index has long been due for an reindexing overhaul, not the least because there are dozens of companies which do not meet its minimum threshold requirement of having a $3 billion market capitalization. Today S&P came out with the following changes to its major indices, which will formally occur on March 3, 2009, implying there will be some serious buying/selling ahead of companies entering/leaving the respective indexes.
S&P 500 Index:
Out - American Capital (market cap $306 million), Jones Apparel (market cap $267 million)
In - Hormel Foods, Ventas
S&P Midcap 400 Index:
Out - Hormel Foods, Hovnanian, PMI Group
In - Trustmark, Lennox, AECOM
S&P Smallcap 600 Index:
Out - Lennox, Anchor BanCorp, Axcelis
In - Stanley, Computer Programs and Systems
There are hundreds of other companies that do not belong in the S&P 500 but are on a lifeline with the S&P for now.
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