After the close of trading on Friday, 21 November 2008 Standard & Poor’s will make following changes to the S&P MidCap 400 and S&P SmallCap 600 indices.
S&P SmallCap 600 constituent Southern Union Co. will replace Avis Budget Group Inc. in the S&P MidCap 400, and The GEO Group Inc. will replace Southern Union in the S&P SmallCap 600. S&P SmallCap 600 constituent ManTech International Corp. will replace Media General Inc. in the S&P MidCap 400, and Axsys Technologies Inc. will replace ManTech International in the S&P SmallCap 600. As of 19 November close, Avis Budget Group and Media General had market capitalizations of approximately $50 million and $68 million respectively, ranking them 400th and 399th in the index.
Capella Education Co. will replace Photronics Inc., Hittite Microwave Corp. will replace Sunrise Senior Living Inc., Interwoven Inc. will replace CPI Corp., and Oil States International Inc. will replace Select Comfort Corp. in the S&P SmallCap 600.
To the moment of closure on 19 November Photronics, Sunrise Senior Living, CPI and Select Comfort all had market capitalizations below $25 million, whereas the minimum market capitalization needed for admission to the S&P SmallCap 600 index is currently $250 million.
The review of companies added to the S&P MidCap 400 and S&P SmallCap 600 indices:
Capella Education is an online post-secondary education services company. Headquartered in Minneapolis, MN, the company will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Education Services Sub-Industry index.
Hittite Microwave designs and develops high performance integrated circuits, modules and subsystems for radio frequency, microwave and millimeterwave applications. Headquartered in Chelmsford, MA, the company will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Semiconductors Sub-Industry index.
Interwoven is a provider of content management software applications. Headquartered in San Jose, CA, the company will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Internet Software & Services Sub-Industry index.
Oil States International is a provider of specialty products and services to oil and gas drilling and production companies. Headquartered in Houston, TX the company will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Oil & Gas Equipment & Services Sub-Industry index.
Southern Union is primarily engaged in the gathering, processing, transportation, storage and distribution of natural gas. Headquartered in Houston, TX, the company will be added to the S&P MidCap 400 GICS (Global Industry Classification Standard) Oil & Gas Storage & Transportation Sub-Industry index.
ManTech International is a provider of advanced technology services to various United States federal government agencies. Headquartered in Fairfax, VA, the company will be added to the S&P MidCap 400 GICS (Global Industry Classification Standard) IT Consulting & Other Services Sub-Industry index.
The GEO Group is a provider of government-outsourced services. Headquartered in Boca Raton, FL, the company will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Security & Alarm Services Sub-Industry index.
Axsys Technologies is a designer and manufacturer of precision optical services for defense, aerospace, homeland security and high-performance commercial applications. Headquartered in Rocky Hill, CT, the company will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Aerospace & Defense Sub-Industry index.
The monitoring of these transactions and relevant updates are available on the official site of Standard & Poor’s.
L.D.