S&P Announces Changes to U.S. Indices: OII for CY, HPY for HRH, TKLC for SCRX; Updates Market Cap Guidelines
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S&P SmallCap 600 constituent Oceaneering International Inc. (NYSE: OII) will replace Cypress Semiconductor Corp. (NYSE: CY) in the S&P MidCap 400, and the Cypress Semiconductor stub (NYSE: CY-wi) will replace Oceaneering International in the S&P SmallCap 600, after the close of trading on Monday, September 29. Cypress Semiconductor is spinning off its holdings in the Class B Common Stock of SunPower Corp. to Cypress shareholders in a transaction expected to be completed after the market closes on that date, pending final approvals.
Heartland Payment Systems Inc. (NYSE: HPY) will replace Hilb Rogal & Hobbs Co. (NYSE: HRH) in the S&P SmallCap 600 after the close of trading on Tuesday, September 30. Hilb Rogal & Hobbs is being acquired in a deal expected to be completed on or about that date, pending final approvals.
Tekelec (NASDAQ: TKLC) will replace Sciele Pharma Inc. (NASDAQ: SCRX) in the S&P SmallCap 600 after the close of trading on Friday, October 3. Sciele Pharma is being acquired in a tender offer expected to expire on or about that date, pending final approvals.
S&P also announced that it is changing market cap guidelines for its U.S. indices:
- S&P 500 - $4 billion or greater
- S&P MidCap 400 - $1-$4.5 billion
- S&P SmallCap 600 - $250 million-$1.5 billion
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