NEW YORK, Sept. 25 /PRNewswire/ --
Standard & Poor's is updating the market cap guidelines for its U.S. indices. Effective today, the new guidelines are:
-- S&P 500 -- $4 billion or greater
-- S&P MidCap 400 -- $1.0 billion to $4.5 billion
-- S&P SmallCap 600 -- $250 million to $1.5 billion
"Standard & Poor's feels that the new market cap ranges for its U.S. indices are appropriate, based on our review of recent market activity, comments from index users and the current U.S. market cap distribution," says David Blitzer, Managing Director and Chairman of the Index Committee. The guidelines refer to a company's total market capitalization, not its float-adjusted cap.
Standard & Poor's will make the following changes to the S&P MidCap 400 and S&P SmallCap 600 indices:
-- S&P SmallCap 600 constituent Oceaneering International Inc. (NYSE:OII) will replace Cypress Semiconductor Corp. (NYSE:CY) in the S&P MidCap 400, and the Cypress Semiconductor stub (NYSE:CY-wi) will replace Oceaneering International in the S&P SmallCap 600, after the close of trading on Monday, September 29. Cypress Semiconductor is spinning off its holdings in the Class B Common Stock of SunPower Corp. to Cypress shareholders in a transaction expected to be completed after the market closes on that date, pending final approvals.
-- Heartland Payment Systems Inc. (NYSE:HPY) will replace Hilb Rogal & Hobbs Co. (NYSE:HRH) in the S&P SmallCap 600 after the close of trading on Tuesday, September 30. Hilb Rogal & Hobbs is being acquired in a deal expected to be completed on or about that date, pending final approvals.
-- Tekelec (NASDAQ:TKLC) will replace Sciele Pharma Inc. (NASDAQ:SCRX) in the S&P SmallCap 600 after the close of trading on Friday, October 3. Sciele Pharma is being acquired in a tender offer expected to expire on or about that date, pending final approvals.
Standard & Poor's will monitor these transactions, and post any relevant updates on its website: http://www.standardandpoors.com/.
Oceaneering International provides engineered products and services, primarily to the offshore oil and gas industry. Headquartered in Houston, TX, the company will be added to the S&P MidCap 400 GICS (Global Industry Classification Standard) Oil & Gas Equipment & Services Sub-Industry index.
Cypress Semiconductor is a broad-line semiconductor company and a supplier of programmable solutions. Headquartered in San Jose, CA, the company will be added to the S&P SmallCap 600 GICS Semiconductors Sub-Industry index.
Heartland Payment Systems provides bank card payment processing services to merchants. Headquartered in Princeton, NJ, the company will be added to the S&P SmallCap 600 GICS Data Processing & Outsourced Services Sub-Industry index.
Tekelec is a provider of telecommunications network systems and software applications. Headquartered in Morrisville, North Carolina, the company will be added to the S&P SmallCap 600 GICS Communications Equipment Sub-Industry index.
Following is a summary of the changes:
S&P MIDCAP 400 INDEX - September 29, 2008
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED Oceaneering Energy Oil & Gas
International Equipment &
Services
DELETED Cypress Information Semiconductors
Semiconductor Technology
S&P SMALLCAP 600 INDEX - September 29, 2008
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED Cypress Information Semiconductors
Semiconductor - Technology
when issued
DELETED Oceaneering Energy Oil & Gas
International Equipment &
Services
S&P SMALLCAP 600 INDEX - September 30, 2008
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED Heartland Information Data Processing &
Payment Systems Technology Outsourced Services
DELETED Hilb Rogal & Hobbs Financials Insurance Brokers
S&P SMALLCAP 600 INDEX - October 3, 2008
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED Tekelec Information Communications
Technology Equipment
DELETED Sciele Pharma Health Care Pharmaceuticals
Additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the companies concerned.
About Standard & Poor's Index Services
Standard & Poor's Index Services, the world's leading index provider, maintains a wide variety of investable and benchmark indices to meet an array of investor needs. Its family of indices includes the S&P 500, an index with $1.5 trillion invested and $4.85 trillion benchmarked, and the S&P Global 1200, a composite index comprised of seven regional and country headline indices. For more information, please visit http://www.standardandpoors.com/indices.
About Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 21 countries. Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com/.
DATASOURCE: Standard & Poor's
CONTACT: David M. Blitzer, Ph.D.
Managing Director & Chairman of the Index Committee
+1-212-438-3907
Web site: http://www.standardandpoors.com/
http://www.standardandpoors.com/indices