A spinoff of a Dow Jones Industrial Average component is not an everyday occurrence. GE(GE), a former Dow component, recently spun off its transportation business into Wabtec(WAB), but the struggling company was removed from the Dow last June. United Technologies(UTX) plans to split in three next year. Even rarer, in this case, the child will join the Dow,… Read More »
There’s a lot of news to report as GE(GE) completes its spinoff of GE Transportation on Monday, February 25 and merges it with Wabtec(WAB) immediately thereafter. As we theorized last week, the bulked-up Wabtec will be added to the S&P 500, replacing Goodyear Tire(GT). Goodyear will take Wabtec’s place in the S&P MidCap 400, making this a neat… Read More »
After a long gestational period, MetLife (MET) finally completed the spinoff of its life insurance & annuity business, Brighthouse Financial (BHF) this week. MetLife shareholders as of July 19th should have received 1 share of BHF for every 11 MET shares owned. Brighthouse trades on the NASDAQ and was also added to the S&P 500 Index, replacing auto dealer… Read More »
As we near the end of the month, the completion of three spinoff transactions will be driving changes in various S&P Indexes. Citrix Systems(CTXS) will be spinning off its GetGo division which will then merge with LogMeIn(LOGM) in a reverse Morris Trust transaction. After the transaction is completed on January 31st, Citrix will remain in the S&P 500.… Read More »
As is often the case, this week’s spinoffs have implications for market indexes. First, Hewlett-Packard(HPQ) will be replaced by BlackRock(BLK) in the S&P 100. Hewlett-Packard will be changing its name to HP and spinning off Hewlett Packard Enterprise(HPE). Hewlett Packard Enterprise joined its former parent in the S&P 500 after the close of trading on Friday, October 30.… Read More »
More spins mean more work for the folks at S&P Dow Jones Indices. With the completion of Barnes & Noble’s(BKS) spin of Barnes & Noble Education(BNED) this weekend, Barnes & Noble Education will join its parent in the S&P SmallCap 600, replacing A.M. Castle & Co(CAS). The change will maintain the index’s current ampersand level. With the completion… 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 »
As previously discussed, Baxter International (BAX) will be spinning off Baxalta (BXLT) after the close of business on June 30. As is often the case with larger spinoffs this will result in some S&P index reshuffling. First, Baxter will no longer be large enough to remain a member of the S&P 100 and will be replaced by Priceline… Read More »
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… Read More »