NEW YORK, June 25, 2018 /PRNewswire/ -- S&P MidCap 400
constituent Copart Inc. (NASD:CPRT) will replace Dr Pepper Snapple
Group Inc. (NYSE:DPS) in the S&P 500, and Exelixis Inc. (NASD:
EXEL) will replace Copart in the S&P MidCap 400 effective prior
to the open of trading on Monday, July
2. Dr Pepper Snapple Group, which is merging with privately
held Keurig Green Mountain Inc., is changing its name to
Keurig Dr Pepper Inc. and its ticker symbol (NYSE:KDP) in
a transaction expected to be completed soon. The newly combined
company will no longer be eligible for inclusion in the S&P 500
as its Investable Weight Factor (IWF), which measures the
percentage of free float available to the public, is expected to
fall well below the 50% eligibility threshold needed for continued
inclusion in the index.
S&P Dow Jones Indices announces an update and clarification
to the S&P U.S. Indices methodology effective today. The
S&P U.S. Indices Methodology will be updated soon to reflect
these changes:
Update on Treatment of Spin-off Companies in S&P
Composite 1500. At the discretion of the Index Committee,
a spin-off company may be retained in the parent stock's index if
the Index Committee determines it has a total market capitalization
representative of the parent index. If the spin-off company's
estimated market capitalization is below the minimum defined in the
outside addition criteria but there are other constituent companies
in the parent index that have a significantly lower total market
capitalization than the spin-off company, the Committee may decide
to retain the spin-off company in the parent index. Prior to their
spin-off, these companies were part of the parent index and keeping
them in the S&P Composite 1500 and the parent index where
appropriate helps the Index Committee meet the objective of
minimizing turnover when possible. Previously, a spin-off company
needed to have an estimated market capitalization that met the
minimum market capitalization addition criteria for the index to
which it was being added.
Clarification on the treatment of shares sold as part of a
forward sale agreement. Shares sold as part of a forward
sale agreement are not eligible for next day implementation as
these shares are not included in the company's share count until
full settlement of the agreement. Share updates resulting
from the settlement of forward sale agreements are updated in a
future weekly or quarterly share rebalance announcement. This is
consistent with current treatment and will now be explicitly cited
in the methodology.
Copart provides online auctions and vehicle remarketing
services. Headquartered in Dallas,
TX, the company will be added to the S&P 500 GICS
(Global Industry Classification Standard) Diversified Support
Services Sub-Industry index.
Exelixis is a biotechnology company that engages in the
discovery, development, and commercialization of new medicines.
Headquartered in South San Francisco,
CA, the company will be added to the S&P MidCap 400 GICS
Biotechnology Sub-Industry index.
Following is a summary of the changes:
S&P 500 INDEX
– JULY 2, 2018
|
|
COMPANY
|
GICS ECONOMIC
SECTOR
|
GICS
SUB-INDUSTRY
|
ADDED
|
Copart
|
Industrials
|
Diversified Support
Services
|
DELETED
|
Dr Pepper
Snapple
|
Consumer
Staples
|
Soft
Drinks
|
S&P MIDCAP 400
INDEX – JULY 2, 2018
|
|
COMPANY
|
GICS ECONOMIC
SECTOR
|
GICS
SUB-INDUSTRY
|
ADDED
|
Exelixis
|
Health
Care
|
Biotechnology
|
DELETED
|
Copart
|
Industrials
|
Diversified Support
Services
|
For more information about S&P Dow Jones Indices, please
visit www.spdji.com
ABOUT S&P DOW JONES
INDICES
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more information, visit www.spdji.com.
FOR MORE INFORMATION:
David Blitzer
Managing
Director and Chairman of the Index Committee
New York, USA
(+1) 212 438 3907
david.blitzer@spglobal.com
S&P Dow Jones Indices
index_services@spglobal.com
Media Inquiries
spdji_communications@spglobal.com
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SOURCE S&P Dow Jones Indices