NEW YORK, Feb. 29 /PRNewswire/ -- Standard & Poor's will make the following changes to the S&P SmallCap 600 index:
* Frement General Corp. will be removed from the index after the close of trading on Monday, March 3. As of today's close of trading Fremont General had a market value of approximately $79 million, whereas the minimum market cap a company must maintain in order to be eligible for addition to the index is $300 million. * S&P REIT Composite constituent Pennsylvania Real Estate Investment Trust will be added to the index after the close of trading on Wednesday, March 5, taking the place vacated by Fremont General. * Orbital Sciences Corp. will replace Respironics Inc. after the close of trading on Thursday, March 6. Respironics is being acquired by Royal Philips Electronics in a tender offer expected to expire on or about that date.
Standard & Poor's will monitor these transactions, and post any relevant updates on its website:www.standardandpoors.com.
Pennsylvania Real Estate Investment Trust is a REIT primarily engaged in the ownership, management, development, redevelopment, acquisition and leasing of retail shopping malls and power and strip centers. Headquartered in Philadelphia, PA, the company will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Retail REITs Sub-Industry index.
Orbital Sciences develops and makes small space systems for commercial, civil government and military customers. Headquartered in Dulles, VA, the company will be added to the S&P SmallCap 600 GICS Aerospace & Defense Sub- Industry index.
Following is a summary of the changes: S&P SMALLCAP 600 INDEX - March 3, 2008 COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY DELETED Fremont General Financials Thrifts & Mortgage Finance S&P SMALLCAP 600 INDEX - March 5, 2008 COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY ADDED Pennsylvania REIT Financials Retail REITs S&P SMALLCAP 600 INDEX - March 6, 2008 COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY ADDED Orbital Sciences Industrials Aerospace & Defense DELETED Respironics Inc. Health Care Health Care Equipment
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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