DOW JONES NEWSWIRES
Standard & Poor's said Wednesday it will add natural-gas
distributor Oneok Inc. (OKE) to its S&P 500 index to replace
Black & Decker Corp. (BDK), which is set to be acquired by
consumer-products company Stanley Works (SWK).
Oneok will be added to the S&P 500 gas utilities
Sub-Industry index. The change is set to occur March 12.
Additionally, S&P said reinsurer Transatlantic Holdings Inc.
(TRH) will replace Encore Acquisition Co. (EAC) in the S&P
MidCap 400 index after the close of trading March 9, as Denbury
Resources Inc. (DNR) is expected to acquire Encore on or about that
date.
As a result of Oneok's move, SmallCap 600 constituent Greenhill
& Co. (GHL), an independent investment bank, will be added to
the MidCap 400. Powell Industries Inc. (POWL), a manufacturer of
equipment and systems for the management control of electrical
energy, will replace Greenhill in the SmallCap 600 index.
Oneok's shares were up 4.4% to $47.88 in after-hours trading.
Transatlantic's stock rose 4% to $53 and Greenhill's rose 1% to
$75.79. Powell's rose 2.8% to $30.99. The shares of companies
joining the S&P 500 often rise because many portfolio managers
try to track the index, and thus must buy shares of companies that
become part of it.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com