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. (NYS:LEG) , Hanesbrands Inc. (NYS:HBI) , and Western Union Co. (NYS:WU) , which will move to the S&P MidCap 400 (PSE:MID) , the index provider said.
SolarEdge (NAS:SEDG) stock rose nearly 3% in the extended session after the S&P 500 index (S&P:SPX) news, while Signature Bank (NAS:SBNY) and FactSet (NYS:FDS) 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 (S&P:SML) and S&P MidCap 400 indexes.
S&P SmallCap 600 constituents Macy’s Inc. (NYS:M) , Vicor Corp. (NAS:VICR) , and PowerIntegrations Inc. (NAS:POWI) will move to the S&P MidCap 400.
They will replace S&P MidCap 400 constituents Tootsie Roll Industries Inc. (NYS:TR) , Telephone &Data Systems Inc. (NYS:TDS) , and Nektar Therapeutics (NAS:NKTR) , which will move to the S&P SmallCap 600.