S&P Announces Update to US Indices Liquidity Criteria; SIGM to Replace NOVN
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Standard & Poor’s is updating the liquidity eligibility criteria for additions to its U.S. indices. Effective today, additions to the S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices should have a float adjusted liquidity ratio of 1.00 or greater. Float adjusted liquidity is measured as the ratio of annual dollar value traded to float adjusted market capitalization. In addition, the company should have a minimum monthly trading volume of 250,000 shares in each of the six months leading up to the evaluation date. For inclusion in the S&P Total Market Index, additions should have a float adjusted liquidity ratio of 0.10.
Sigma Designs Inc. (NASDAQ: SIGM) will replace Noven Pharmaceuticals Inc. (NASDAQ: NOVN) in the S&P SmallCap 600 after the close of trading on a date to be announced. Hisamitsu Pharmaceutical Co. is acquiring Noven in a deal expected to be completed soon.
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