General Growth Properties to Replace Molex in S&P 500Callie Bost
General Growth Properties Inc., the second-biggest U.S. mall owner, will replace Molex Inc. in the Standard & Poor’s 500 Index, S&P Dow Jones Indices said in a statement today.
General Growth is a Chicago-based real-estate investment trust with a market value of about $18.5 billion. Its shares have risen 2.2 percent in 2013, compared with the 26 percent gain in the S&P 500. Molex, a 75-year-old maker of electronic components, is being removed from the index after agreeing to be acquired by privately held Koch Industries Inc.
The S&P 500 change will take place after the close of trading on Dec. 9, S&P Dow Jones said. The revisions in the benchmark equity index may prompt money managers to shift holdings to match it. About $5.14 trillion is benchmarked to the gauge, according to the S&P Dow Jones website.
General Growth shares rose 0.1 percent to $20.28 in regular trading. The stock jumped 5 percent to $21.30 in extended trading at 5:26 p.m. New York time after the close of U.S. exchanges.