NEW YORK, Feb. 4 /PRNewswire/ -- Standard and Poor's will make the following changes to the S&P MidCap 400 and S&P SmallCap 600 indices after the close of trading on Wednesday, February 11:
-- NewAlliance Bancshares Inc. will replace Modine Manufacturing Co. in the S&P MidCap 400. As of today's close of trading, Modine had a market value of approximately $80 million, ranking 400th in the index. -- eResearch Technology Inc. (NASD: ERES) will replace Corus Bankshares Inc. (NASD: CORS), and Ebix Inc. (NASD: EBIX) will replace 4 Kids Entertainment Inc. in the S&P SmallCap 600. As of today's close of trading, Corus Bankshares and 4 Kids Entertainment had market capitalizations of approximately $19 million and $20 million respectively, ranking them 600th and 599th in the index.
Standard & Poor's will monitor these transactions, and post any relevant updates on its website: http://www.standardandpoors.com/.
NewAlliance Bancshares provides a full range of consumer and commercial banking products and services, trust services and investment and insurance products and services. Headquartered in New Haven, CT, the company will be added to the S&P MidCap 400 GICS (Global Industry Classification Standard) Thrifts & Mortgage Finance Sub-Industry index.
eResearch Technology is a provider of technology and services to the pharmaceutical, biotechnology and medical device industries. Headquartered in Philadelphia, PA, the company will be added to the S&P SmallCap 600 GICS Life Sciences Tools & Services Sub-Industry index.
Ebix supplies software and e-commerce solutions to the insurance industry. Headquartered in Atlanta, GA, the company will be added to the S&P SmallCap 600 GICS Application Software Sub-Industry index.
Following is a summary of the changes: S&P MIDCAP 400 INDEX - February 11, 2009 COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY ADDED NewAlliance Financials Thrifts & Mortgage Finance DELETED Modine Consumer Discretionary Auto Parts & Equipment S&P SMALLCAP 600 INDEX - February 11, 2009 COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY ADDED eResearch Health Care Life Sciences Tools & Services Ebix Information Technology Application Software DELETED Corus Bankshares Financials Thrifts & Mortgage Finance 4 Kids Consumer Discretionary Movies & Entertainment
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.
About Standard & Poor's Index Services
Standard & Poor's Index Services, the world's leading index provider,maintains a wide variety of investable and benchmark indices to meet an array of investor needs. Its family of indices includes the S&P 500, an index with $1.5 trillion invested and $4.85 trillion benchmarked, and the S&P Global 1200, a composite index comprised of seven regional and country headline indices. For more information, please visit http://www.standardandpoors.com/indices.
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