UPDATE: Tesla to replace Apartment Investment and Management in S&P 500

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Analog Devices, Inc. (Analog Devices) designs, manufactures and markets a portfolio of solutions that leverage high-performance analog, mixed-signal and digital signal processing technology, including integrated circuits (ICs), algorithms, software and subsystems. Its products include Analog Products, Converters, Amplifiers/Radio Frequency, Other Analog, Power Management and Reference, and Digital Signal Processing Products. The Company is a supplier of data converter products. The Company is a supplier of high-performance amplifiers. Its analog product line also includes products of high performance radio frequency (RF) ICs. The Company's DSPs are used for high-speed numeric calculations. The Company offers its products for applications in various end markets, such as industrial, automotive, consumer and communications. The Company operates in the United States, Rest of North/South America, Europe, Japan and China.

UPDATE: Tesla to replace Apartment Investment and Management in S&P 500

9:52 am ET December 12, 2020 (MarketWatch) Print

Claudia Assis

Tesla also joins S&P 100, replacing Occidental Petroleum

The mystery is over: The company leaving the S&P 500 index to make room for Silicon Valley juggernaut Tesla Inc. is Apartment Investment and Management Co.

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 (https://www.marketwatch.com/story/teslas-market-cap-zooms-past-500-billion-11606239860)

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 (https://www.marketwatch.com/story/s-ps-decision-on-tesla-slated-for-after-the-close-11606765050)

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 (https://www.marketwatch.com/story/tesla-stock-jumps-after-news-company-will-join-s-p-500-11605566132). 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 (https://www.marketwatch.com/story/tesla-joining-the-s-p-500-is-going-to-be-the-mother-of-all-stock-market-events-11607621184)

-Claudia Assis; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

December 12, 2020 09:52 ET (14:52 GMT)

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UPDATE: Tesla to replace Apartment Investment and Management in S&P 500