("BlackRock To Join S&P 500 Index, Replacing Genzyme," at
5:53 p.m. EDT, misstated BlackRock stock's price and percentage
change over the last year in the second paragraph. The correct
version follows:)
DOW JONES NEWSWIRES
BlackRock Inc. (BLK) is slated to replace Genzyme Corp. (GENZ)
in the S&P 500 index as the biotechnology company is set to be
acquired, Standard & Poor's said Tuesday.
Shares of BlackRock, the world's biggest money manager, rose
4.5%, to $195.00 after hours. As of the close, the stock had fallen
15% in the past year.
Shares of companies joining the S&P 500 often rise because
many portfolio managers try to track the index. To do that, they
must buy shares of the companies that become part of it.
The shift in the index is scheduled to occur after the close of
trading on Friday. Genzyme is slated to be bought by Sanofi-Aventis
SA (SNY) for $20.1 billion plus a contingent value right.
BlackRock in January reported its fourth-quarter profit more
than doubled thanks largely to improving equity markets and higher
performance fees.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855;
nathan.becker@dowjones.com