Standard & Poor's, an index provider and a division of McGraw-Hill Cos. (MHP), Monday announced some changes to the S&P 500 and S&P SmallCap 600 indices.
Standard & Poor's said that Iron Mountain Inc. (IRM), a provider of information protection and storage services, will replace UST Inc. (UST) in the S&P 500 after the close of trading on a date to be announced. UST is in the process of being acquired by S&P 100 and 500 constituent Altria Group Inc. (MO) in a deal that is anticipated to close in the first full week of 2009.
Iron Mountain will be added to the S&P 500 Global Industry Classification Standard, or GICS Diversified Support Services Sub-Industry Index.
Further, Alpharma Inc. (ALO) will be removed from the S&P SmallCap 600 after the close of trading on December 30, as the company has been acquired by S&P 500 constituent King Pharmaceuticals Inc. (KG) in a tender offer that expired on Monday. Alpharma will be replaced by Franklin Street Properties Corp. (FSP) after the close of trading on December 31. Franklin Street Properties, which operates as a Real Estate Investment Trust, or REIT, will be added to the S&P SmallCap 600 GICS Office REITs Sub-Industry Index, the index provider noted.
MHP closed Monday's trading at $22.74, down $0.27, on a volume of 2 million shares.
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