Oil States International Inc. (OIS) will replace NewAlliance Bancshares Inc. (NAL) in the Standard & Poor’s MidCap 400 Index, and LivePerson Inc. will fill Oil States’s spot in the S&P SmallCap 600, S&P said in a statement.
The changes will take place after the close of trading on April 14 and are being made because Buffalo, New York-based First Niagara Financial Group Inc. (FNFG) is acquiring NewAlliance in a deal expected to be completed around that time, S&P said.
Oil States, which is based in Houston, has a market value of $3.88 billion. Its shares have risen 66 percent in the past year, compared with a 63 percent gain for an index of energy companies in the S&P SmallCap 600.
LivePerson, a New York-based Internet sales and service provider, has a market value of $653 million. Its shares have advanced 51 percent in the past year, compared with a 40 percent rise for a gauge of technology companies in the Russell 2000 Index. The stock jumped 5.7 percent to $13.22 in after-hours trading as of 5:30 p.m. in New York.
To contact the reporter on this story: Joanna Ossinger in New York at email@example.com.
To contact the editor responsible for this story: Nick Baker at firstname.lastname@example.org.