NEW YORK (AP) — Standard & Poor's on Thursday announced several changes to its stock indexes, including the addition of natural gas distributor AGL Resources Inc. to the benchmark S&P 500 Index, replacing Nicor Inc.
AGL Resources is acquiring Nicor for $2.4 billion — a deal that will create one of America's biggest natural gas distributors.
Shop-at-home retailer HSN Inc. will replace AGL on the S&P MidCap 400 index, while battery maker EnerSys will take HSN's spot on the S&P SmallCap 600.
The changes will take place on Monday.
S&P also outlined several other adjustments to its indices slated to occur as of the close of trading on Friday.
It will shift BorgWarner Inc. to the S&P 500, taking over the spot of AK Steel Holding Corp, which is shifting over to the S&P SmallCap 600. And Regeneron Pharmaceuticals will be moved from the S&P SmallCap 600 to fill BorgWarner's position on the S&P MidCap 400.
In addition, Perrigo Co. and Dollar Tree Inc. will replace Monster Worldwide Inc. and MEMC Electronic Materials Inc. in the S&P 500. In turn, Monster and MEMC will take spots in the S&P MidCap 400.
S&P SmallCap 600 companies HMS Holdings Corp., World Fuel Services Corp. and Clarcor Inc. will shift over to the S&P MidCap 400, replacing The Ryland Group Inc., Cousins Properties Inc. and Career Education Corp.
S&P will then move Ryland, Cousins and Career Education to the S&P SmallCap 600.
Companies added to indexes often see higher demand for shares as funds that track the indexes add them to their holdings, which can boost stock prices.
