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Time Warner Cable Joins S&P 500 Index

NEW YORK (AP) ¿ Standard & Poor's said Wednesday it will add Time Warner Cable Inc. to its S&P 500 index, replacing mall owner Developers Diversified Realty Corp., after the market closes on March 27, when parent company Time Warner Inc. is expected to spin off its remaining interest in the cable operator to its shareholders.

In addition, auto parts retailer O'Reilly Automotive Inc. will replace offshore drilling contractor Noble Corp. in the S&P 500. On Tuesday, Noble said its shareholders have approved switching the company's incorporation from the Cayman Islands to Switzerland, which will make it ineligible for the S&P 500 index.

Itron Inc., which makes meter reading equipment for utilities, will replace O'Reilly in the S&P MidCap 400, while financial services company NBT Bancorp Inc. will replace Itron in the S&P SmallCap 600.

S&P has not yet announced the date of those changes.

Standard & Poor's is a subsidiary of McGraw-Hill Cos. Shares of companies added to the S&P 500 often rise, since many investment portfolios are linked to the index.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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