Kraft Foods Group to Replace Alpha Natural Resources in S&P 500
Kraft Foods Group will replace Alpha Natural Resources Inc. in the Standard & Poor’s 500 Index (SPX), according to a statement from the index provider.
The grocery company, which is due to be spun off from Kraft Foods Inc. next month, will be added to the U.S. equity benchmark after the close of trading on Oct. 1, the statement said. Kraft Foods Inc., which is changing its name to Mondelez, will remain in the index, S&P said.
Alpha Natural Resources Inc., the second-largest U.S. coal producer, will be moved to the S&P Midcap 400 Index (MID) because its market value is too low, S&P said. The company’s shares are worth $1.4 billion, according to data compiled by Bloomberg.
Kraft shares added 1 percent to $41.78 at 5:31 p.m. in New York, while Alpha Natural fell 2 percent to $6.41 in after-hours trading.
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