DOW JONES NEWSWIRES
Standard & Poor's said Tuesday it will add Discovery Communications Inc. (DISCA) to its S&P 500 index to replace Pepsi Bottling Group Inc. (PBG), which is set to be acquired by PepsiCo. Inc. (PEP).
The parent of the Discovery family of channels, which includes the Discovery Channel, TLC and Animal Planet, will be added to the S&P 500 Broadcasting Sub-Industry index.
Bally Technologies Inc. (BYI), a maker of gambling devices and technologies, will replace PepsiAmericas Inc. (PAS) in the S&P MidCap 400 index. PepsiAmericas is also set to be acquired by PepsiCo in a separate deal that is expected to be completed soon.
The date of the changes weren't announced.
Discovery's shares were up 8.2% to $31.30 in after-hours trading, while Bally's rose 1.7% to $40.90. The shares of companies joining the S&P 500 often rise because many portfolio managers try to track the index and must buy shares of the companies that become part of it.
-By John Kell, Dow Jones Newswires; 212-416-2480; firstname.lastname@example.org