NEW YORK (TheStreet) -- Foot Locker (FL) - Get Report  shares are higher 0.08% to $65.22 on Tuesday as the athletic footwear and apparel retailer is set to join the S&P 500 on Friday after the market close. 

Specifically, the company will be added to the S&P 500 (Global Industry Classification Standard) Apparel Retail Sub-Industry index, according to S&P Dow Jones Indices. 

The company will be replacing Houston-based oilfield services Cameron Int'l. (CAM), which is being bought out by oil services giant Schlumberger (SLB) for $12.7 billion.

Taking the place of Foot Locker in the S&P MidCap 400 will be DCT Industrial Trust (DCT). 

Usually, when companies join the S&P 500, their stocks often go up as portfolio managers who track the index purchase shares, the Wall Street Journal noted. 

Separately, TheStreet Ratings currently has a "Buy" rating on the stock with a letter grade of A-.

The company's strengths can be seen in multiple areas, such as its growth in earnings per share, increase in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. We feel its strengths outweigh the fact that the company shows low profit margins.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles' author.

You can view the full analysis from the report here: FL

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