Vertex, Ametek Shares to Join S&P 500 Index, Replacing AMD, SAICLynn Thomasson
Vertex Pharmaceuticals Inc. and Ametek Inc. will join the Standard & Poor’s 500 Index, replacing Advanced Micro Devices Inc. and SAIC Inc.
AMD, the second-biggest maker of personal-computer processors, is being removed because its market value is too small for the U.S. equity benchmark, S&P Dow Jones Indices said today in a statement. SAIC, a government contractor, plans to split into two companies in a transaction due to be completed this month, according to the statement from the index provider.
The revisions in the S&P 500 may prompt money managers to shift holdings to match the adjustments. About $5.1 trillion was benchmarked to the index, according to the company’s website. The changes will take place after the close of trading on Sept. 20, S&P Dow Jones Indices said.
Vertex, a maker of drugs for hepatitis C, climbed 3.4 percent to $82.49 in trading after the close of U.S. exchanges. Ametek, which makes electrical equipment, added 1.1 percent to $45.