NEW YORK, July 23 /PRNewswire/ -- Standard & Poor's will make the following changes to the S&P MidCap 400 and S&P SmallCap 600 indices:
-- S&P 500 constituent American Standard Companies, Inc. (NYSE:ASD) is spinning off its vehicle control systems business, WABCO Holdings Inc. , after the close of trading on Tuesday, July 31. WABCO Holdings is not considered a U.S. company for S&P index purposes, and therefore will not be added to a U.S. index at this time. -- Kyphon Inc. (NASD:KYPH) will replace Triad Hospitals Inc. (NYSE:TRI) in the S&P MidCap 400 after the close of trading on Wednesday, July 25. Triad is being acquired by S&P MidCap 400 constituent Community Health Systems Inc. (NYSE:CYH) in a deal expected to close on or about that date, pending final approvals. -- MedCath Corp. (NASD:MDTH) will replace Digene Corp. (NASD:DIGE) in the S&P SmallCap 600 after the close of trading on Wednesday, July 25. Digene is being acquired by Qiagen N.V. in an exchange offer. -- PharMerica Corp. will replace Pope & Talbot Inc. (NYSE:POP) in the S&P SmallCap 600 after the close of trading on Tuesday, July 31. S&P 500 constituent Amerisourcebergen Corp. (NYSE:ABC) and S&P MidCap 400 constituent Kindred Healthcare Inc. (NYSE:KND) are spinning off and combining their Pharmerica Long-Term Care and Pharmacy Services businesses respectively into PharMerica, in a transaction expected to close on or about that date, pending final approvals. Amerisourcebergen and Kindred will remain in their respective indices. At today's close of trading, Pope and Talbot had a market capitalization of approximately $65 million, ranking 600th in the index. -- Universal Electronics Inc. (NASD:UEIC) will replace Armor Holdings Inc. (NYSE:AH) in the S&P SmallCap 600 after the close of trading on a date to be announced. Armor is being acquired by S&P Global 1200 constituent BAE Systems plc in a deal still pending final approvals.
Standard & Poor's will monitor these transactions, and post any relevant updates on its website: www.standardandpoors.com.
Kyphon engages in the design, manufacture, and marketing of medical devices to treat and restore spinal anatomy using minimally invasive technology. Headquartered in Sunnyvale, CA, the company will be added to the S&P MidCap 400 GICS (Global Industry Classification Standard) Health Care Equipment Sub-Industry index.
MedCath engages in the ownership and operation of hospitals in partnership with physicians in the United States. Headquartered in Charlotte, NC, the company will be added to the S&P SmallCap 600 GICS Industrial Conglomerates Sub-Industry index.
PharMerica is a pharmaceutical services company. Headquartered in Louisville, KY, the company will be added to the S&P SmallCap 600 GICS Health Care Distributors Sub-Industry index.
Universal Electronics provides pre-programmed wireless control products and audio-video accessories for home entertainment systems. Headquartered in Cypress, CA, the company will be added to the S&P SmallCap 600 GICS Consumer Electronics Sub-Industry index.
Following is a summary of the changes: S&P MIDCAP 400 INDEX - July 25, 2007 COMPANY GICS ECONOMIC GICS SUB-INDUSTRY SECTOR ADDED Kyphon Health Care Health Care Equipment DELETED Triad Hospitals Health Care Health Care Facilities S&P SMALLCAP 600 INDEX - July 25, 2007 COMPANY GICS ECONOMIC GICS SUB-INDUSTRY SECTOR ADDED MedCath Health Care Health Care Facilities DELETED Digene Health Care Biotechnology S&P SMALLCAP 600 INDEX - July 31, 2007 COMPANY GICS ECONOMIC GICS SUB-INDUSTRY SECTOR ADDED PharMerica Health Care Health Care Distributors DELETED Pope & Talbot Materials Paper Products S&P SMALLCAP 600 INDEX - To Be Announced COMPANY GICS ECONOMIC GICS SUB-INDUSTRY SECTOR ADDED Universal Consumer Consumer Electronics Electronics Discretionary DELETED Armor Holdings Industrials Aerospace & Defense
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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Source: Standard & Poor's