Zoetis to Join S&P 500; First Horizon National, QLogic Moved to New Indices
Jun 17th 2013 4:40PM
Updated Jun 17th 2013 5:20PM
McGraw-Hill Financial's S&P Dow Jones Indices is making changes in a trio of its signature products.
After the close of trading Friday, the S&P 500 will include Pfizer spinoff Zoetis . The stock replaces First Horizon National , which is to find a new home on the S&P MidCap 400.
In turn, it bumps QLogic from that index to the S&P SmallCap 600. Finally, QLogic's shift completely displaces Coldwater Creek , which will no longer be on the S&P SmallCap 600.
The changes have come about because of Pfizer's attempt to unload its 80% stake in Zoetis, and the pharma giant is offering investors the opportunity to trade Pfizer shares for Zoetis shares. Zoetis engages in the discovery, development, manufacture, and commercialization of animal health medicines and vaccines.
Additionally, in the press release announcing the news, S&P Dow Jones Indices said that "First Horizon's total market capitalization is more representative of the mid cap market space, and QLogic's total market capitalization is more representative of the small cap market space."
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