NEW YORK, May 10 /PRNewswire/ -- Standard & Poor's will make the following change to the S&P 500:
* Embarq Corp. will replace Applied Micro Circuits Corp.
(Nadaq: AMCC) after the close of trading on Wednesday, May 17, 2006.
Embarq is being spun off by S&P 100 and S&P 500 constituent Sprint
Nextel Corp. in a transaction expected to close on or about
that date, pending final approval. After today's close of trading
Applied Micro Circuits had a market capitalization of approximately
$1.04 billion, whereas the minimum market cap necessary to be added to
the index currently stands at $4 billion.
Standard & Poor's will monitor this transaction, and post any relevant updates on its website: http://www.standardandpoors.com/.
Embarq provides local and long distance voice and data services, including high-speed internet access. Headquartered in Overland Park, KS, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Integrated Telecommunication Services Sub-Industry index.
Following is a summary of the change:
S&P 500 INDEX - May 17, 2006
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED Embarq Telecommunication Integrated
Services Telecommunication
Services
DELETED Applied Micro Information Technology Semiconductors
Circuits
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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