June 23 (Bloomberg) -- Marathon Petroleum Corp. will replace RadioShack Corp. in the Standard & Poor’s 500 Index after the close of trading on June 30, S&P said in a statement.
Marathon Oil Corp. is spinning off Marathon Petroleum in a transaction expected to be completed after regular trading ends on June 30, and “RadioShack’s $1.4 billion market capitalization is more representative of the mid-cap market space,” S&P said. Findlay, Ohio-based Marathon Petroleum refines and markets energy products. RadioShack fell 3.4 percent to $12.75 in after-hours trading as of 5:43 p.m. in New York.
RadioShack, AMC Networks Inc. and Holly Corp. will join the S&P MidCap 400 Index, S&P said, replacing Harte-Hanks Inc., Boyd Gaming and Frontier Oil Corp. Harte-Hanks, Boyd Gaming Corp. and Entropic Communications Inc. will enter the S&P SmallCap 600 Index, while Hutchinson Technology, StarTek Inc. and Holly will leave that gauge. Those changes will also take place June 30.
Holly is aquiring Frontier Oil in a deal expected to be completed on or about June 30, S&P said.
Companies in the S&P 500 have an average market value of $24.4 billion, while S&P MidCap 400 components have a mean $3 billion and S&P SmallCap 600 members average $876.1 million according to data compiled by Bloomberg. S&P said that more than $1.25 trillion is indexed to its gauges.
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