Heavy-Duty Mining Equipment Maker Joy Global To Join S&P 500

   DOW JONES NEWSWIRES 
 

Standard & Poor's said it would add heavy-duty mining equipment maker Joy Global Inc. (JOYG) to its S&P 500 index, replacing Allegheny Energy Inc. (AYE), which is set to be acquired by FirstEnergy Corp. (FE).

As a result of that move, S&P SmallCap 600 constituent Cypress Semiconductor Corp. (CY) will replace Joy Global in the S&P MidCap 400, and automated-teller-machine operator Cardtronics Inc. (CATM) will replace Cypress in the SmallCap 600. The date of the changes hasn't been determined.

Shares of Joy Global climbed 2.7% to $99.51 in after-hours trading. 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 it.

Meanwhile, S&P said food maker B&G Foods Inc. (BGS) will replace network-storage company Compellent Technologies Inc. (CML) in the S&P SmallCap 600 after the close of trading on Feb. 22, as Compellent is being acquired by Dell Inc. (DELL) in a transaction expected to be completed on or about that date.

S&P also updated the market capitalization guidelines for its U.S. indexes. Effective Wednesday, a value of $4 billion or greater is considered for the S&P 500, while companies valued between $1 billion to $4.4 billion are for the S&P MidCap 400 and those between $300 million to $1.4 billion are for the SmallCap 600.

David Blitzer, managing director and chairman of the index committee, said the new ranges are based on S&P's review of "recent market activity, comments from index users and the current U.S. market cap distribution."

-By John Kell, Dow Jones Newswires; 212-416-2480; [e-mail]