FleetCor to Join S&P 500, Replacing Time Warner

   By Nishant Mohan 
 

FleetCor Technologies Inc., a Georgia-based maker of fuel cards and other workforce-payment technologies, is being added to the S&P 500 index, replacing AT&T Inc.'s newest asset Time Warner Inc.

FleetCor is slated to join the widely watched index June 20, S&P Dow Jones Indices said Friday.

FleetCor's move to the S&P 500 also means mutual and exchange-traded funds that track the index will have to add the company's stock to their holdings. Shares in the company, which had a market capitalization of $18.56 billion through Friday's close, rose 4.4% to $216.29 in after-hours trading.

AT&T on Thursday closed its cash and stock purchase of Time Warner, valued at about $81 billion, after U.S. District Judge Richard Leon earlier in the week denied the Justice Department's attempt to block the deal.

The latest index addition comes after social-media platform Twitter Inc. joined the S&P 500 last week, replacing agricultural firm Monsanto Co. To be eligible for inclusion on the index, the sum of a company's most recent four consecutive quarters should be positive as should be the most recent quarter.

Chipmaker Nvidia Corp. will replace Time Warner in the S&P 100.

Write to Nishant Mohan at [e-mail]

(END) Dow Jones Newswires

June 15, 2018 18:54 ET (22:54 GMT)

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