Garmin to Join S&P 500 Index, Replacing RR Donnelley
06 December 2012 - 10:13AM
Dow Jones News
By Nathalie Tadena
Standard & Poor's said it will add personal-navigation
devices maker Garmin Ltd. (GRMN) to its S&P 500 index,
replacing printing company R.R. Donnelley & Sons Co. (RRD).
Garmin shares rose 3.3% to $41 after hours. The 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 the index.
The change will occur after the close of trading Tuesday.
Meanwhile, R.R. Donnelley will join the S&P MidCap400 index,
replacing Medicis Pharmaceutical Corp. (MRX) ahead of an
acquisition by Valeant Pharmaceuticals International Inc. (VRX).
S&P noted R.R. Donnelley's market capitalization is more
representative of the midcap market space.
Write to Nathalie Tadena at nathalie.tadena@dowjones.com
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