FBNews. GRMN. Garmin to Join S&P 500 Index, Replacing RR Donnelley
http://www.foxbusiness.com/news/2012/12/05/ga...donnelley/
Standard & Poor's said it will add personal-navigation devices maker Garmin Ltd. (GRMN) to its S&P 500 index, replacing printing company R.R. Donnelley & Sons Co. (RRD).
Garmin shares rose 3.3% to $41 after hours. The shares of companies joining the S&P 500 often rise because many portfolio managers try to track the index. To do that, they must buy shares of the companies that become part of the index.
The change will occur after the close of trading Tuesday.
Meanwhile, R.R. Donnelley will join the S&P MidCap400 index, replacing Medicis Pharmaceutical Corp. (MRX) ahead of an acquisition by Valeant Pharmaceuticals International Inc. (VRX). S&P noted R.R. Donnelley's market capitalization is more representative of the midcap market space.
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