Refining Spinoff Phillips 66 To Displace Supervalu In S&P 500

Date : 04/23/2012 @ 7:13PM
Source : Dow Jones News
Stock : Spire Inc. (SR)
Quote : 69.25  -0.25 (-0.36%) @ 4:05PM

Refining Spinoff Phillips 66 To Displace Supervalu In S&P 500

Phillips 66 (NYSE:PSX)
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Phillips 66 (PSX), the refining company splitting from ConocoPhillips (COP), will replace Supervalu Inc. (SVU) in Standard & Poor's 500-stock index at the end of the month.

The move is set to occur alongside the completion of Phillips 66's spinoff after the close of trading on April 30, the index operator said Monday.

The index includes 500 leading large-cap U.S. companies. S&P is a unit of McGraw-Hill Cos. (MHP).

S&P said Supervalu, the supermarket chain whose brands include Albertson's and Save-A-Lot, will join its index of 400 midcap stocks, replacing American Greetings Corp. (AM). The greeting-card maker will displace Standard Register Co. (SR) in the S&P 600 small-cap index.

ConocoPhillips said earlier this month its board approved the spinoff of its refining arm as it seeks to focus on its exploration-and-production business. Phillips 66 plans to expand chemical and midstream operations.

ConocoPhillips shares were up 0.1% at $72.43 in after-hours trading. Supervalu slid 1.8% to $6.02.

-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com




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