Chip Maker Skyworks Solutions to Join S&P 500

   By Josh Beckerman 
 

Skyworks Solutions Inc. (SWKS), a maker of analog semiconductors, will join the S&P 500 after the close of trading Wednesday.

S&P Dow Jones Indices said Skyworks is replacing PetSmart Inc. (PETM), which is being sold to private-equity BC Partners for about $8.2 billion.

Skyworks shares were up 2% to $94.02 in after-hours trading.

Inclusion in the index is typically a boon for a stock as index-tracking funds that follow the S&P 500 will need to buy its shares at that time.

Skyworks said in January that it posted a sharply higher profit as its revenue rose 59% to $805.5 million, exceeding the company's guidance. At the time the company said, "We have created a unique business model, combining the strong growth of connectivity and the 'Internet of Things' with the financial returns of a diversified analog company."

Maximus Inc. (MMS), which provides such services as data processing for government health and human services agencies, will replace Skyworks in the S&P MidCap 400. In turn, Republic Airways Holdings Inc. (RJET) will replace Maximus in the S&P SmallCap 600.

Write to Josh Beckerman at [e-mail]

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