NEW YORK, June 4 (Reuters) - Standard & Poor's on Thursday said Quanta Services Inc, a provider of specialty contracting services, will replace Ingersoll-Rand Co in its flagship S&P 500 stock index after the close of trading on a date to be announced.
Ingersoll, an industrial conglomerate, is leaving the index because it is moving its place of incorporation to Ireland, making it ineligible for inclusion, S&P said.
Shares of companies joining the S&P 500 often rise because many portfolio managers try to track the index, and must buy shares of companies that enter it.
Quanta shares rose $1.06 to $24.74 after-hours within minutes of the S&P announcement, after rising 77 cents to $23.68 in regular trading. The company is based in Houston.
(Reporting by Jonathan Stempel; Editing Bernard Orr) Keywords: SP500/CHANGES (jon.stempel@thomsonreuters.com +1 646 223 6317; Reuters Messaging: jon.stempel.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Ingersoll, an industrial conglomerate, is leaving the index because it is moving its place of incorporation to Ireland, making it ineligible for inclusion, S&P said.
Shares of companies joining the S&P 500 often rise because many portfolio managers try to track the index, and must buy shares of companies that enter it.
Quanta shares rose $1.06 to $24.74 after-hours within minutes of the S&P announcement, after rising 77 cents to $23.68 in regular trading. The company is based in Houston.
(Reporting by Jonathan Stempel; Editing Bernard Orr) Keywords: SP500/CHANGES (jon.stempel@thomsonreuters.com +1 646 223 6317; Reuters Messaging: jon.stempel.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.