Michael Kors Shares Will Replace NYSE Euronext in S&P 500 Index
Michael Kors Holdings Ltd. (KORS), the luxury-goods company founded by the designer of the same name, will replace NYSE Euronext (NYX) in the Standard & Poor’s 500 Index, S&P said in a statement today.
The change will take place after the close of trading on Nov. 1, S&P said. The revisions in the benchmark equity index may prompt money managers to shift holdings to match the index. About $5.14 trillion was benchmarked to the S&P 500, according to the S&P website.
NYSE Euronext, the biggest U.S. stock exchange owner, is being acquired by Atlanta-based IntercontinentalExchange Inc. in a deal valued at $10.3 billion. IntercontinentalExchange plans to close the deal on Nov. 4, the company said earlier this month. The 12-year-old energy and commodity futures bourse, known as ICE, is buying the 220-year-old exchange operator as the profitability of equities trading declines and derivatives generate more income.
Michael Kors, based in Hong Kong, has a market capitalization of $15.5 billion. Shares of both NYSE and Michael Kors were little changed in trading after the close of U.S. exchanges.
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