NEW YORK (AP) — S&P Dow Jones Indices said Wednesday that biopharmaceutical company Regeneron Pharmaceuticals Inc. will replace MetroPCS Communications Inc. in the S&P 500, noting that the wireless carrier is being acquired by T-Mobile USA Inc.
MetroPCS is merging with T-Mobile, and the transaction is expected to leave the combined company's public float well below what it needs to be to qualify for inclusion in the S&P 500, S&P Dow Jones said.
Building products manufacturer Eagle Materials Inc. will take over Regeneron's spot in the S&P MidCap 400, while retail boutique chain operator Francesca's Holdings Corp. will slide into Eagle Material's place in the S&PSmallCap 600.
These company shifts will take place after the close of trading on Tuesday.
S&P will be making other changes at the end of trading May 1: Retailer CST Brands Inc., which is being spun off by Valero Energy Corp., will be sliding in onto the S&P MidCap 400.
CST is replacing Northern Oil and Gas Inc., which is moving to the S&P SmallCap 600 Index. In turn, Northern Oil and Gas will be taking the slot previously occupied by The Dolan Co.
Dolan is no longer representative of the small cap market space, S&P Dow Jones said.