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Cognizant Tech to Join S&P 500

Alberto-Culver drops down in weight.

Cognizant Tech (CTSH) - Get Cognizant Technology Solutions Corporation Class A Report will join the S&P 500 Index after the close of trading on Thursday.

Cognizant will replace the newly constituted


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, which will drop down to the S&P Mid-Cap 400. In a deal expected to close on Thursday, Alberto-Culver is issuing a $25-a-share special dividend and splitting its remainder into two companies: Alberto-Culver and

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Shares of Cognizant rose $2.95, or nearly 4%, to $79.75 in recent after-hours trading. Index funds mirroring the S&P 500 would be expected to purchase shares of Cognizant to update their holdings.