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S&P 500 adds FMC Technologies, drops Covidien

Thu May 28, 2009 5:30pm EDT

Stocks

   

NEW YORK, May 28 (Reuters) - Standard & Poor's on Thursday said FMC Technologies Inc (FTI.N), a provider of equipment and systems used in the energy industry, will replace Covidien Ltd (COV.N) in its flagship S&P 500 stock index .SPX after the close of trading on June 4.

S&P also said the insurer MetLife Inc (MET.N) will replace Covidien in the S&P 100 index of the largest blue-chip companies.

Covidien, a producer of medical products, will leave both indexes because it is moving its place of incorporation to Ireland, making it ineligible for inclusion, S&P said.

Shares of companies joining the S&P 500 often rise because many portfolio managers try to track the index, and must buy shares of companies that enter it.

FMC shares rose $1.07 to $40 after-hours within minutes of the S&P announcement, after falling 1 cent to $38.93 in regular trading. The company is based in Houston. (Reporting by Jonathan Stempel; editing by Carol Bishopric)



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