Alaska Air to Replace SanDisk in S&P 500
May 10 2016 - 7:40PM
Dow Jones News
Alaska Air Group Inc. is slated to replace SanDisk Corp. in the
S&P 500 index after the close of trading on Thursday, according
to S&P Dow Jones Indices.
Memory-chip maker SanDisk is being bought by Western Digital
Corp., the largest maker of computer disk drives, in a $19 billion
deal that is expected to close Thursday.
Seattle-based Alaska Air, the parent of Alaska Airlines, is the
sixth-largest U.S. airline by traffic. It reached a $2.6 billion
deal to buy Virgin America Inc., a deal that if approved by Virgin
shareholders and regulators would place it as the fifth largest,
ahead of JetBlue Airways Corp.
Shares of companies that join the S&P 500 often rise as
portfolio managers who track the index buy shares.
Meanwhile, Texas Roadhouse Inc. is to replace Alaska Air in the
S&P MidCap 400 and Cavco Industries Inc. to take Texas
Roadhouse's spot in the S&P SmallCap 600.
Alaska Air's shares rose 1% to $70 in after-hours trading while
Texas Roadhouse's rose 2% to $46.05 and Cavco Industries' rose 7%
to $94.97.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 10, 2016 19:25 ET (23:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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