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Quanta Services Up On News To Be Added To S&P 500

The Associated Press

NEW YORK (AP) — Shares of Quanta Services Inc. advanced Friday, a day after Standard & Poor's said the electric utility contractor would replace Ingersoll-Rand Co. on its S&P 500 index.

S&P announced the decision Thursday after Ingersoll-Rand shareholders approved a decision to move the company's headquarters to Dublin, Ireland, from Bermuda, rendering it ineligible for a listing on the S&P index.

Houston-based Quanta Services was previously listed on the S&P MidCap 400 index.

The company specializes in contracting work for a range of different utility industries.

S&P did not announce when the index change would take place, said David Carlson, a spokesman.

A listing on the S&P 500 generally boosts stocks because mutual funds must add the shares to their portfolios.

Quanta Services shares climbed 95 cents, or 4 percent, to $24.63 in afternoon trading, while Ingersoll-Rand shares jumped 90 cents, or 4.1 percent, to $22.91.