Tesla also joins S&P 100, replacing Occidental Petroleum
Tesla (TSLA) is set to join the S&P 500 , the broader U.S. equity benchmark, in a little over a week on Dec. 21, at which point Apartment Investment and Management (AIV), a real estate investment trust, slides to the S&P 400 Mid Cap index (MID), index manager S&P Dow Jones Indices said late Friday.
Related:Tesla's market cap zooms past $600 billion ()
Tesla will also join the S&P 100 , replacing Occidental Petroleum Corp. (OXY) Occidental will remain in the S&P 500, S&P Dow Jones Indices said.
Apartment Income REIT Corp., which Apartment Investment and Management is spinning off, will replace coffee and doughnut chain Dunkin' Brands Group Inc. (DNKN) in the S&P Mid Cap 400.
See also:Tesla stock to be added all at once to S&P 500 ()
The spinoff is expected to be completed on Monday, and past that Apartment Investment and Management "will no longer be representative of the S&P Composite 1500 indices market cap ranges," the index manager said.
Arby's owner Inspire Brands Inc. is acquiring Dunkin' Brands an offer expected to expire on or about Tuesday.
S&P said that Tesla would be joining the S&P 500 last month (). The move puts Tesla automatically in the portfolios of countless index-tracking funds, cascading down to managed funds that will have to rebalance its portfolios.
Don't miss:Tesla joining the S&P 500 is 'mother of all' stock-market events ()
-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 11, 2020 17:52 ET (22:52 GMT)
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