RadioShack, whose $1.4 billion market capitalization is "more representative of the mid cap market space" according to S&P, will join the S&P Midcap 400, replacing Harte-Hanks (HHS), which will move to the S&P Smallcap 600.
Harte-Hanks is pushing out Hutchinson Technology (HTCH), which S&P said has the smallest market cap in the index.Shares of RadioShack closed Thursday at $13.20, up 2%, on volume of 4.5 million, above the issue's trailing three-month daily average churn of 3.4 million. The stock is down 30% year-to-date, and 40% in the past year. Its 52-week low of $12.28 came on June 16. Other changes include AMC Networks (AMCXV) replacing Boyd Gaming (BYD) in the S&P Midcap 400; Boyd Gaming moving to the S&P Smallcap 600 to replace StarTek (SRT). AMC Networks is being spun off from Cablevision Systems (CVC), which will remain in the S&P 500. Also, Holly Corp. (HOC) is replacing Frontier Oil (FTO) in the S&P Midcap 400, as Holly is in the process of acquiring Frontier Oil. Entropic Communications (ENTR) is replacing Holly Corp. in the S&P Smallcap 600. All these index changes are expected to take place after the market close on June 30. --Written by Michael Baron in New York.
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