Macy's Loses S&P 500 Spot, Otis Worldwide and Carrier Global Join Index
By Maria Armental
Macy's Inc. will lose its spot in the widely watched S&P 500
index, S&P Dow Jones Indices said Tuesday, citing the
retailer's much smaller market valuation.
The change takes effect before the market opens April 6.
United Technologies Corp.'s Otis Worldwide Corp. and Carrier
Global Corp. will take Macy's and Raytheon Co.'s spots in the
S&P 500 index.
United Technologies is spinning off Otis Worldwide and Carrier
Global and merging with Raytheon in a deal that's expected to close
by April 3. United Technologies will remain in the S&P 500 and
S&P 100, which includes the 100 largest publicly traded
companies in the U.S.
American Tower Corp. will replace Raytheon in the S&P
New York-based Macy's has struggled to revamp sales, which fell
to $24.56 billion in the most recent year, ended Feb. 2.
Its stock has been trading at record-low levels, having dropped
nearly 80% over the past 12 months through Tuesday's $4.91 closing
and bringing the company's market value under $2 billion, according
Macy's will replace KLX Energy Services Holdings Inc. in the
S&P SmallCap 600.
Write to Maria Armental at email@example.com
(END) Dow Jones Newswires
March 31, 2020 19:49 ET (23:49 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.