NEW YORK Feb 24 Standard & Poor's said on
Tuesday it plans to add Hormel Foods Corp (HRL.N) and Ventas
Inc (VTR.N) to its flagship S&P 500 stock index .SPX after
the close of trading on March 3, replacing American Capital Ltd
ACAS.O and Jones Apparel Group Inc JNY.N.
Hormel, based in Austin, Minnesota, produces meat and food
products including Spam. Ventas, based in Chicago, is a health
care real estate investment trust.
American Capital provides financing to businesses, while
Jones Apparel owns the Jones New York, Nine West and Anne Klein
brands. S&P said the companies rank 499th and 500th in market
value among S&P 500 members, with respective market
capitalizations of $306 million and $267 million.
Shares of companies often rise when they join the S&P 500
because many portfolio managers try to track the index and are
required to buy shares of companies that are included.
In after-hours trading following the announcement, Hormel
shares rose 3.3 percent to $33.01, while Ventas shares rose 3.1
percent to $25.02.
(Reporting by Jonathan Stempel; editing by Jeffrey Benkoe)