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.
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Source: Standard & Poor's