SAN FRANCISCO (MarketWatch) -- Standard & Poor's late Thursday said that Discover Financial Services (NYS:DFS) will replace ADC Telecommunications Inc. (NYS:ADCT) in the S&P 500, and ADC will replace PH Glatfelter Co. (NYS:GLT) in the S&P MidCap 400 after the close of trading on June 29. Morgan Stanley (NYS:MS) is spinning off Discover in a transaction expected to close by that date. Additionally, S&P said that Covidien Ltd. will replace National Semiconductor Corp. in the S&P 100, and Sanmina-SCI Corp. (NAS:SANM) in the S&P 500. Also, Tyco Electronics Ltd. (NYS:TEL) will replace PMC-Sierra Inc. in the S&P 500, and the new Tyco International Ltd. will replace the pre-spinoff Tyco in the S&P 100 and 500. Tyco is spinning off Covidien Ltd. and Tyco Electronics Ltd. in a transaction expected to close by June 29.
June 21, 2007, 5:51 p.m. EDT