Breaking News Bar

Business News and Information

Standard & Poor's Announces Changes to U.S. Indices

NEW YORK, May 22 /PRNewswire/ -- Standard & Poor's will make the following changes to the S&P 500, S&P MidCap 400 and S&P SmallCap 600 indices:

    -- S&P MidCap 400 constituent Intuitive Surgical Inc. (NASDAQ:ISRG) will
       replace The Bear Stearns Companies Inc. (NYSE:BSC) in the S&P 500, S&P
       SmallCap 600 constituent The Shaw Group Inc. (NYSE:SGR) will replace
       Intuitive Surgical in the S&P MidCap 400, and II-VI Inc. (NASDAQ:IIVI)
       will replace The Shaw Group in the S&P SmallCap 600 after the close of
       trading on Friday, May 30.  Bear Stearns is being acquired by S&P 500
       and S&P 100 constituent JPMorgan Chase & Co. (NYSE:JPM) in a deal
       expected to close before the open of trading on June 2, pending final
       approvals.

    -- Olympic Steel Inc. (NASDAQ:ZEUS) will replace X-Rite Inc.
       (NASDAQ:XRIT) in the S&P SmallCap 600 after the close of trading on
       Tuesday, May 27. As of today's close of trading, X-Rite had a market
       cap of $38 million, ranking 600th in the index.

    -- Magellan Health Services Inc. (NASDAQ:MGLN) will replace Bright
       Horizons Family Solutions Inc. (NASDAQ:BFAM) in the S&P SmallCap 600
       on a date to be announced.  Bright Horizons is being acquired by Bain
       Capital Partners in a deal that is still pending final approvals.

Standard & Poor's will monitor these transactions, and post any relevant updates on its website: www.standardandpoors.com.

Intuitive Surgical offers the da Vinci Surgical System, which uses advanced robotics and computerized visualization technology for minimally invasive surgeries. Headquartered in Sunnyvale, CA, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Health Care Equipment Sub-Industry index.

The Shaw Group supplies industrial piping systems, mainly for the electric power, refining and chemical industries. Headquartered in Baton Rouge, LA, the company will be added to the S&P MidCap 400 GICS Construction & Engineering Sub-Industry index.

II-VI offers high-technology materials and derivative products for precision use in industrial, medical, military, security and aerospace applications. Headquartered in Saxonburg, PA, the company will be added to the S&P SmallCap 600 GICS Electrical Components & Equipment Sub-Industry index.

Olympic Steel sells and distributes processed carbon, coated and stainless flat-rolled sheet, and coil and plate steel products in the U.S. Headquartered in Bedford Heights, OH, the company will be added to the S&P SmallCap 600 GICS Steel Sub-Industry index.

Magellan Health Services provides managed behavioral healthcare, radiology benefits management, and pharmaceutical management services. Headquartered in Avon, CT, the company will be added to the S&P SmallCap 600 GICS Managed Health Care Sub-Industry index.

    Following is a summary of the changes:



                          S&P 500 INDEX - May 30, 2008
                 COMPANY      GICS ECONOMIC SECTOR     GICS SUB-INDUSTRY
      ADDED     Intuitive         Health Care        Health Care Equipment
                 Surgical
     DELETED   Bear Stearns        Financials         Investment Banking &
                                                           Brokerage



                      S&P MIDCAP 400 INDEX -  May 30, 2008
                 COMPANY      GICS ECONOMIC SECTOR      GICS SUB-INDUSTRY
      ADDED     Shaw Group         Industrials           Construction &
                                                           Engineering
     DELETED    Intuitive          Health Care        Health Care Equipment
                 Surgical



                     S&P SMALLCAP 600 INDEX -  May 30, 2008
                 COMPANY      GICS ECONOMIC SECTOR      GICS SUB-INDUSTRY
      ADDED       II-VI           Industrials        Electrical Components &
                                                            Equipment
     DELETED    Shaw Group        Industrials            Construction &
                                                           Engineering



                     S&P SMALLCAP 600 INDEX -  May 27, 2008
                 COMPANY      GICS ECONOMIC SECTOR      GICS SUB-INDUSTRY
      ADDED   Olympic Steel         Materials                 Steel
     DELETED      X-Rite     Information Technology    Electronic Equipment
                                                          Manufacturers



                          S&P SMALLCAP 600 INDEX -  TBA
                  COMPANY       GICS ECONOMIC SECTOR    GICS SUB-INDUSTRY
      ADDED   Magellan Health       Health Care        Managed Health Care
                 Services
     DELETED  Bright Horizons  Consumer Discretionary   Education Services
              Family Solutions

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 $1.32 trillion invested and $4.91 trillion benchmarked, and the S&P Global 1200, a composite index comprised of seven regional and country headline indices. For more information, please visit 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 23 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: www.standardandpoors.com.

About The McGraw-Hill Companies:

Founded in 1888, The McGraw-Hill Companies (NYSE:MHP) is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2007 were $6.8 billion. Additional information is available at http://www.mcgraw-hill.com.

Source: Standard & Poor's

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
bottom clear