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 -0.81% , Hanesbrands Inc. /zigman2/quotes/200637580/composite HBI -2.01% , and Western Union Co. /zigman2/quotes/206269665/composite WU -0.19% , which will move to the S&P MidCap 400 /zigman2/quotes/219506813/composite MID -0.16% , the index provider said.
SolarEdge /zigman2/quotes/207754270/composite SEDG -5.15% stock rose nearly 3% in the extended session after the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.38% news, while Signature Bank /zigman2/quotes/204403715/composite SBNY -3.30% and FactSet /zigman2/quotes/204586719/composite FDS -0.13% 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 -0.97% and S&P MidCap 400 indexes.
S&P SmallCap 600 constituents Macy’s Inc. /zigman2/quotes/201854387/composite M -5.18% , Vicor Corp. /zigman2/quotes/207717424/composite VICR -3.80% , and PowerIntegrations Inc. /zigman2/quotes/202936222/composite POWI -0.18% 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 +0.98% , Telephone &Data Systems Inc. /zigman2/quotes/200740609/composite TDS +0.71% , and Nektar Therapeutics /zigman2/quotes/206715615/composite NKTR -2.97% , which will move to the S&P SmallCap 600.