Abbott Laboratories AbbVie Spinoff to Join S&P Indexes
AbbVie Inc. (NYSE:ABBVwi) will replace Dell Inc. (NASD:DELL) in the S&P 100, and Federated Investors Inc. (NYSE:FII) in the S&P 500. Federated will replace ITT Educational Services Inc. (NYSE:ESI) in the S&P MidCap 400, and ITT Educational Services will replace NCI Inc. (NASD:NCIT) in the S&P SmallCap 600. S&P 100 and 500 constituent Abbott Laboratories (NYSE:ABT) is spinning off AbbVie in a transaction expected to be completed after the close of trading on December 31. The Abbott Laboratories stub will remain in the S&P 100 and 500. Dell has a market capitalization below $18.5 billion and is no longer representative of the mega-cap market space. Federated Investors' market capitalization is below $2.2 billion, making it more representative of the mid-cap market space, and ITT Educational Services' market capitalization is below $450 million making it more representative of the small-cap market space. NCI Corp.is ranked #600 in the S&P SmallCap 600.
Procera Networks, Inc. (NASD:PKT) will replace Presidential Life Corp. (NASD:PLFE) in the S&P SmallCap 600. Athene Holding Ltd. is acquiring Presidential Life in a deal expected to be completed soon pending final approvals.
AbbVie engages in the discovery, development, manufacture, and sale of pharmaceuticals and biologics. Headquartered in North Chicago, IL, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Pharmaceuticals Sub-Industry index.
Federated Investors is an asset management company. Headquartered in Pittsburgh, PA, the company will be added to the S&P MidCap 400 GICS Asset Management & Custody Banks Sub-Industry index.
ITT Educational Services provides postsecondary degree programs. Headquartered in Carmel, IN, the company will be added to the S&P SmallCap 600 GICS Education Services Sub-Industry index.
Procera Networks provides intelligent policy enforcement solutions that enable mobile and broadband network operators and entities to manage private networks. Headquartered in Fremont, CA, the company will be added to the S&P SmallCap 600 GICS Communications Equipment Sub-Industry index.
Additions to and deletions from S&P Dow Jones Indices do not in any way reflect an opinion on the investment merits of the companies involved.
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