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Philip Morris International Inc. (NYSE: PM) will replace S&P 500 constituent Allegheny Technologies Inc. (NYSE: ATI) in the S&P 100, and will replace Circuit City Stores Inc. (NYSE: CC) in the S&P 500, after the close of trading on Friday, March 28. Philip Morris International is being spun off by S&P 100 and S&P 500 constituent Altria Group Inc. (NYSE: MO) in a transaction expected to be completed on or about that date. Allegheny Technologies will remain in the S&P 500.
S&P U.S. REIT Composite constituent HCP Inc. (NYSE: HCP) will replace Commerce Bancorp Inc. (NYSE: CBH) in the S&P 500 after the close of trading on Monday, March 31. Commerce Bancorp is being acquired by S&P Global 1200 constituent The
Hill-Rom Holdings Inc. (NYSE: HRC) will replace Hillenbrand Industries (NYSE: HB) in the S&P MidCap 400, and Hillenbrand Inc. (NYSE: HI) will replace Caraustar Industries Inc. (NASDAQ: CSAR) in the S&P SmallCap 600 after the close of trading on Monday, March 31. Hillenbrand is being spun off by Hillenbrand Industries in a transaction expected to close on or about that date. In connection with the spin-off, the Hillenbrand Industries stub will be renamed Hill-Rom Holdings Inc. As of today’s close of trading, Caraustar Industries had an approximate market capitalization of $45 million, whereas the minimum market capitalization a company must maintain to be eligible for admission to the S&P SmallCap 600 is currently $300 million.
FairPoint Communications Inc. (NYSE: FRP) will replace Coachmen Industries Inc. (NYSE: COA) in the S&P SmallCap 600 after the close of trading on Monday, March 31. FairPoint Communications is merging with certain spun off assets from S&P 500 constituent Verizon Communications Inc. (NYSE: VZ) in a deal expected to close on or about that date. At today’s close of trading, Coachmen Industries had an approximate market value of $53 million, whereas the minimum market capitalization a company must maintain to be eligible for admission to the S&P SmallCap 600 is currently $300 million. [BCS]
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