Innovation Update
Host Hotels to Join S&P 500
Street Insight Staff
03/12/07 - 07:48 PM EDT
Host Hotels & Resorts(HST Quote) will replace Phelps Dodge(PD Quote) in the S&P 500 Index after the close of trading on a date to be announced.
Standard & Poor's said late Monday that the move stems from Phelps Dodge's pending acquisition by Freeport-McMoRan(FCX Quote) in a deal still pending final approval.
Shares of Host Hotels rose 4.3% in after-hours trading to $27.13; index funds that mirror the S&P 500 would be expected to buy the stock to align their holdings.