Nextel to Join S&P 500 in Wake of Laidlaw's Acquisition of Safety-Kleen

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Publish date:

Standard & Poor's

announced late Monday that it is adding

Nextel

(NXTL)

to the

S&P 500

index. Nextel will replace

Safety-Kleen

(SK)

, which is being acquired by

Laidlaw

(LLE)

subsidiary

Laidlaw Environmental Services

. The change will take effect after the close of trading on March 31.

Being added to the S&P 500 often gives a short-term boost to a company's shares, as index funds and so-called closet indexers buy into the stock.

Replacing Nextel in the

S&P MidCap 400

index will be

Qualcomm

(QCOM) - Get Report

.

Sterling Software

(SSW) - Get Report

will also be added to the 400. Sterling will replace index component

Mapco

(MDA)

, which will be acquired by

Williams

(WMB) - Get Report

.

Delphi Financial

(DFG)

will replace Sterling in the

S&P SmallCap 600

index.