By Claudia Assis
Signature Bank, SolarEdge Technologies Inc. and FactSet Research Systems Inc. will be joining the S&P 500 index later this month, S&P Dow Jones Indices said late Friday.
Out are Leggett & Platt Inc. /zigman2/quotes/206009340/composite LEG -3.38% , Hanesbrands Inc. /zigman2/quotes/200637580/composite HBI -7.18% , and Western Union Co. /zigman2/quotes/206269665/composite WU -1.68% , which will move to the S&P MidCap 400 /zigman2/quotes/219506813/composite MID -1.16% , the index provider said.
SolarEdge /zigman2/quotes/207754270/composite SEDG +1.12% stock rose nearly 3% in the extended session after the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.61% news, while Signature Bank /zigman2/quotes/204403715/composite SBNY -2.94% and FactSet /zigman2/quotes/204586719/composite FDS -0.16% shares gained 0.6% a piece. The stocks to be removed were flat.
That rebalance ensures that each index is “more representative of its market capitalization range,” S&P Dow Jones said in a statement.
The index provider also unveiled changes to its S&P SmallCap 600 /zigman2/quotes/210599868/delayed SML -1.62% and S&P MidCap 400 indexes.
S&P SmallCap 600 constituents Macy’s Inc. /zigman2/quotes/201854387/composite M -1.39% , Vicor Corp. /zigman2/quotes/207717424/composite VICR -0.77% , and PowerIntegrations Inc. /zigman2/quotes/202936222/composite POWI -1.74% will move to the S&P MidCap 400.
They will replace S&P MidCap 400 constituents Tootsie Roll Industries Inc. /zigman2/quotes/200900273/composite TR +0.72% , Telephone &Data Systems Inc. /zigman2/quotes/200740609/composite TDS -0.67% , and Nektar Therapeutics /zigman2/quotes/206715615/composite NKTR 0.00% , which will move to the S&P SmallCap 600.