New Communication Group Would Be the Fourth Biggest in the S&P 500
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The S&P 500’s sleepy telecommunications group is getting revamped with some heavyweight company.
Facebook and Google parent Alphabet are likely to migrate from technology into a new sector that the index’s overseers have said they’ll create next year to replace the telecom bucket, according to a study by Goldman Sachs Group. S&P Global will also tap firms like Walt Disney, Netflix and Comcast for the new group dubbed “communication services,” which will also include traditional telecom companies like AT&T and Verizon. It will have the fourth-biggest weighting among 11 industries.