SanDisk to Join S&P 500
Standard & Poor's said Wednesday that flash memory company
SanDisk
(SNDK)
will replace
Chiron
( CHIR) in the
index.
Chiron is set to be acquired by pharmaceutical giant
Novartis
(NVS)
in a deal that is pending final approval. S&P said the index change will go into effect after the close of trading April 19.
Scientific Games
(SGMS)
, a provider of gaming and lottery products, will replace SanDisk in the S&P MidCap 400.
Shares of SanDisk jumped $4.49, or 7.6%, to $63.96 in after-hours trading. Shares of companies added to the S&P 500 often rise because fund managers who track the index have to own the shares. Shares of Scientific Games also got a boost, adding $1.68, or 4.8%, to $36.80.
On Tuesday, Standard & Poor's said
Legg Mason
(LM)
will be added to the S&P 500 to replace
Guidant
( GDT), which is being bought by
Boston Scientific
(BSX)
.
