After the Close: Tyco, Discover |
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Published
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Fri, 29 Jun 2007 20:55
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NEW YORK (AP) - The Standard & Poor's 500 Index will reshuffle some of its components after the closing bell Friday.All of the new components are subsidiaries that are being spun off from major companies.Tyco International Inc. is breaking itself into three components, focusing on health care, electronics and security products. Whereas Tyco International was formerly one component of the S&P 500 Index, now all three divisions -- Tyco International, Covidien Ltd. and Tyco Electronics Ltd. -- will be members.The new companies will replace Sanmina-SCI Corp. and PMC-Sierra Inc., two chip makers whose market values fell below the minimum $4 billion requirement.Morgan Stanley's Discover Financial Services division will replace ADC Telecommunications Inc. on the index.Entry into the S&P 500 Index gives a stock more exposure, as fund managers and brokers manage multiple portfolios linked to the major indices.--------------------------------------------Questions or comments about this story should be directed to Associated Press reporter Dan Seymour at 212-621-7190.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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S&P makes index changes after spin-offs 