eBays’ (EBAY) long awaited spinoff of Paypal (PYPL) will be completed after the close today and the first day of trading for the new company will be Monday, July 20th. The breakup idea goes back a looooong way and was actually the subject of one of our first articles. EBAY shareholders should receive one share of PYPL for… Read More »
The unprecedented number of spins this week has kept the folks at S&P working overtime making changes to their indexes. Last week, AOL(AOL), a spinoff of Time Warner(TWX) was acquired by Verizon(VZ), a conglomeration of several spinoffs of the original AT&T(T). As a result, Casey’s General Stores(CASY) will move from the S&P SmallCap 600 to take its spot in… Read More »
In this issue of the Index Change roundup, Noble Corporation’s (NE) upcoming standard spec rig spinoff, Paragon Offshore, will be added to the S&P Smallcap 600. Noble will remain in the big boy S&P 500 index so there is the possibility of forced selling in this case. As a result of the transaction, Paragon will boot #600 ranked… Read More »
Noble Corporation’s (NE) board of directors approved the spinoff of its standard spec drilling units, Paragon Offshore. The distribution is expected to take place on August 1st, which is just a few months after the company decided to scrap its plans to IPO the unit. Impressive turnaround on Plan B. The new company will trade on the NYSE… Read More »