PetSmart Joins S&P 500

S&P Dow Jones has announced that it will replace oil and gas company Sunoco Inc. (NYSE: SUN) on the S&P 500 Index with specialty retailer PetSmart Inc. (NASDAQ: PETM) after the close of trading on October 4. Sunoco is being acquired by Energy Transfer Partners L.P. (NYSE: ETP), and the acquisition is expected to close at about the same time.

PetSmart, currently included in the S&P Midcap 400 index, will be replaced on that list by Cabela's Inc. (NYSE: CAB), a specialty retailer of hunting and outdoor goods. PetSmart's market cap is about $7.3 billion, while Cabela's is about $3.8 billion.

The final change to the S&P Dow Jones indexes moves Acorda Therapeutics Inc. (NASDAQ: ACOR) into the S&P Smallcap 600 Index, replacing Cabela's. Acorda is a commercial stage biopharmaceutical firm and its market cap is about $1 billion.

Shares of PetSmart are up 3% in premarket trading this morning at $69.60 in a 52-week range of $39.53 to $72.75.

Cabela's shares are up about 0.8% at $55.41 in a 52-week range of $19.12 to $55.65.

Acorda's shares are inactive in the premarket, having closed at $25.55 last night, in a 52-week range of $18.36 to $27.74.

Paul Ausick

Filed under: 24/7 Wall St. Wire, Index Tagged: ACOR, CAB, ETP, PETM, SUN
Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.