By Josh Beckerman
Baxter International Inc.'s biopharamceutical spinoff Baxalta
Inc. will join the S&P 500, replacing oil and gas producer QEP
Resources Inc.
The change is slated to take place after the close of trading
June 30.
Baxter said earlier this month that Baxalta is expected to start
"regular way" trading as an independent company on July 1.
Inclusion in the index is typically a boon for a stock as
index-tracking funds that follow the S&P 500 will need to buy
its shares at that time.
S&P Dow Jones Indices said QEP will move to the MidCap 400.
Denver-based QEP said April 29 that it swung to a loss and posted
lower revenue in the first quarter, but said it had a strong
operational performance and was making progress in cutting
costs.
QEP shares were flat in after-hours trading at $18.46.
Baxter's S&P 100 spot will be taken by Priceline Group Inc.,
which has a market capitalization of more than $60 billion. Baxter
will remain in the S&P 500.
Write to Josh Beckerman at josh.beckerman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires