IHS Markit (INFO) to Join S&P 500; TEGNA (TGNA) and Cars.com (CARS) to Join S&P MidCap 400; J.C. Penney (JCP), Time (TIME) and Independence Realty Trust (IRT) to Join S&P SmallCap 600

May 24, 2017 5:18 PM EDT

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(Updated - May 24, 2017 5:21 PM EDT)

S&P Dow Jones Indices will make the following changes to the S&P MidCap 400 and S&P SmallCap 600 indices:

IHS Markit Ltd. (NASDAQ: INFO) will replace TEGNA Inc. (NYSE: TGNA) in the S&P 500, TEGNA and Cars.com (NYSE: CARS) will replace J.C. Penney Company Inc. (NYSE: JCP) and Time Inc. (NYSE: TIME) respectively in the S&P MidCap 400, and J.C. Penney and TIME will replace Tuesday Morning Corp. (NASDAQ: TUES) and Hornbeck Offshore Services Inc. (NYSE: HOS) respectively in the S&P SmallCap 600 effective prior to the open on Friday, June 2. TEGNA is spinning off Cars.com in a transaction expected to be completed prior to the open on Thursday, June 1, pending final conditions. Post the spin-off transaction, TEGNA’s market capitalization will be more representative of the mid-cap market space. J.C. Penney and TIME are ranked near the bottom of the S&P MidCap 400 and no longer representative of the mid-cap market space. Tuesday Morning and Hornbeck Offshore Services are ranked near the bottom of the S&P SmallCap 600 and no longer representative of the small-cap market space.

Independence Realty Trust, Inc. (NYSE: IRT) will replace Ultratech Inc. (NASDAQ: UTEK) in the S&P SmallCap 600 effective prior to the open on Tuesday, May 30. S&P SmallCap 600 constituent Veeco Instruments Inc. (NASDAQ: VECO) is acquiring Ultratech in a deal expected to be completed on or about that date pending final conditions.

S&P 500 constituent Yahoo! Inc. (NASDAQ: YHOO) is expected to convert to a publicly traded, nondiversified, closed-end management investment company under the Investment Company Act of 1940, following the expected sale of its operational business to S&P 100 & 500 constituent Verizon Communications Inc. (NYSE: VZ) in mid-June. Yahoo! will therefore be ineligible for continued inclusion in the S&P 500 following the sale. To take advantage of the expected increased liquidity surrounding the quarterly rebalance, S&P Dow Jones Indices will remove Yahoo! from the S&P 500 effective at the open on Monday, June 19 to coincide with the June 2017 rebalance. A replacement candidate will be announced at a later date with sufficient notice to clients.



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