Zoetis to Replace First Horizon in S&P 500

   By Nathalie Tadena 
 

Zoetis Inc. (ZTS) will join the S&P 500 index, after Pfizer Inc. (PFE) splits off its remaining 80% stake in the animal-medicine company, and will replace First Horizion National Corp. (FHN), S&P Dow Jones Indices said.

Zoetis's shares rose 2.1% to $31.45 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.

First Horizon, the parent of First Tennessee Bank, has a total market capitalization that is more representative of the mid-cap market space and will replace QLogic Corp. (QLGC), a supplier of switches, controllers and other networking products, in the S&P MidCap 400 index. In turn, QLogic will replace women's apparel retailer Coldwater Creek Inc. (CWTR) in the S&P SmallCap 600 index. These charges will take effect after the close of trading on June 21.

-Write to Nathalie Tadena at [e-mail]

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