Refining Spinoff Phillips 66 To Displace Supervalu In S&P 500
April 23 2012 - 7:13PM
Dow Jones News
Phillips 66 (PSX), the refining company splitting from
ConocoPhillips (COP), will replace Supervalu Inc. (SVU) in Standard
& Poor's 500-stock index at the end of the month.
The move is set to occur alongside the completion of Phillips
66's spinoff after the close of trading on April 30, the index
operator said Monday.
The index includes 500 leading large-cap U.S. companies. S&P
is a unit of McGraw-Hill Cos. (MHP).
S&P said Supervalu, the supermarket chain whose brands
include Albertson's and Save-A-Lot, will join its index of 400
midcap stocks, replacing American Greetings Corp. (AM). The
greeting-card maker will displace Standard Register Co. (SR) in the
S&P 600 small-cap index.
ConocoPhillips said earlier this month its board approved the
spinoff of its refining arm as it seeks to focus on its
exploration-and-production business. Phillips 66 plans to expand
chemical and midstream operations.
ConocoPhillips shares were up 0.1% at $72.43 in after-hours
trading. Supervalu slid 1.8% to $6.02.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com
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