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