Zoetis, Newly Spun Off From Pfizer, To Join S&P 500

As we have written about previously, Pfizer(PFE), after conducting an IPO of 20% of Zoetis(ZTS) in January, has launched an exchange offer whereby shareholders may elect to exchange their Pfizer shares for Zoetis shares. The offer is expected to be completed this week, and, as a result, the S&P has decided that it is time for Zoetis to join its former parent in the S&P 500. Zoetis will replace regional bank First Horizon National(FHN) which will move to the S&P MidCap 400. Qlogic(QLGC) will move from the S&P MidCap 400 to the S&P SmallCap 600, booting retailer Coldwater Creek(CWTR).

Disclosure: The author holds no position in any stock mentioned, though he did lose money several years ago in FHN and CWTR