S&P Dow Jones Indices announced several changes to its benchmark indices on Friday to take effect after the close of trading on Friday, March 21.
S&P 500 constituent and biotechnology company Biogen Idec (BIIB), up 3.9% to $345.50, will replace S&P 500 constituent and utility American Electric Power Company (AEP), up 0.5% to $50.38, in the S&P 100.
Biogen Idec has a market capitalization above $80 billion and is more representative of the mega-cap market space, S&P said. American Electric Power Company will remain in the S&P 500.
S&P MidCap 400 constituent Keurig Green Mountain (GMCR), up 1.9% to $115.40, will replace WPX Energy (WPX), down 2% to $17.24, in the S&P 500, and WPX Energy will replace Keurig Green Mountain in the S&P MidCap 400.
S&P MidCap 400 constituent Matson Inc. (MATX), down 5.4% to $23.47, will replace Kate Spade & Company (KATE), up 3.7% to $38.61, in the S&P SmallCap 600, and Kate Spade will replace Matson in the S&P MidCap 400.