NEW YORK, June 4 Standard & Poor's on Thursday
said Quanta Services Inc (PWR.N), a provider of specialty
contracting services, will replace Ingersoll-Rand Co (IR.N) in
its flagship S&P 500 stock index .SPX after the close of
trading on a date to be announced.
Ingersoll, an industrial conglomerate, is leaving the index
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.
Quanta shares rose $1.06 to $24.74 after-hours within
minutes of the S&P announcement, after rising 77 cents to
$23.68 in regular trading. The company is based in Houston.
(Reporting by Jonathan Stempel; Editing Bernard Orr)