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Kraft To Join S&P 500

TSC Staff

Kraft (KFT) will replace Sabre Holdings (TSG) in the S&P 500 following the food giant's full spinoff from Altria Group(MO), Standard & Poor's said Thursday.

Altria is planning to spin off its 89% stake in Kraft on March 30; Sabre is set to be acquired by Silver Lake Partners and Texas Pacific Group in a deal expected to close around that date.

Kraft will replace Eastman Kodak (EK) in the S&P 100. Kodak, with a market capitalization of about $6.8 billion, currently ranks No. 100 in the index.

Elsewhere, Broadridge Financial Solutions, a spinoff of Automatic Data Processing(ADP), will replace Plexus (PLXS) in the S&P MidCap 400. Halliburton's (HAL) KBR spinoff also will join the midcap index, replacing Newport(NEWP).

Both of those moves also are effective after the close of trading March 30.