NEW YORK, Oct. 29 /PRNewswire/ -- Standard & Poor's will make the following changes to the S&P MidCap 400 and S&P SmallCap 600 indices:
-- Metavante Technologies Inc. will replace UTStarcom Inc. in the S&P MidCap 400 after the close of trading on Thursday, November 1, 2007. Metavante is being spun off by S&P 500 constituent Marshall & Ilsley Corp. in a transaction expected to close on or about that date. At today's close of trading, UTStarcom had a market capitalization of approximately $398 million, ranking 400th in the index. -- Service Corp. International will replace Kyphon Inc. in the S&P MidCap 400 after the close of trading on a date to be announced. Kyphon is being acquired by S&P 100 & 500 constituent Medtronic Inc. in a deal still pending final approvals. -- Spartan Motors Inc. will replace Authorize.Net Holdings Inc. in the S&P SmallCap 600 after the close of trading on Thursday, November 1, 2007. Authorize.Net is being acquired by S&P SmallCap 600 constituent CyberSource Corp. in a deal expected to close on or about that date, pending final approvals.
Standard & Poor's will monitor these transactions, and post any relevant updates on its website: http://www.standardandpoors.com/.
Metavante Technologies delivers banking and payment technologies. Headquartered in Milwaukee, WI, the company will be added to the S&P MidCap 400 GICS (Global Industry Classification Standard) Data Processing & Outsourced Services Sub-Industry index.
Service Corp. provides funeral and cemetery services. Headquartered in Houston, TX, the company will be added to the S&P MidCap 400 GICS Specialized Consumer Services Sub-Industry index.
Spartan Motors engineers and manufactures custom motor vehicle chassis and bodies. Headquartered in Charlotte, MI, the company will be added to the S&P SmallCap 600 GICS Auto Parts & Equipment Sub-Industry index.
Following is a summary of the changes: S&P MIDCAP 400 INDEX - November 1, 2007 COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY ADDED Metavante Information Technology Data Processing & Technologies Outsourced Services DELETED UTStarcom Information Technology Communications Equipment S&P MIDCAP 400 INDEX - To Be Announced COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY ADDED Service Corp. Consumer Discretionary Specialized Consumer Services DELETED Kyphon Health Care Health Care Equipment S&P SMALLCAP 600 INDEX - November 1, 2007 COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY ADDED Spartan Motors Consumer Discretionary Auto Parts & Equipment DELETED Authorize.Net Information Technology Data Processing & Outsourced Services
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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