Dell Computer Added to S&P 500 Index; PMI Group Added To S&P MidCap 400 Index.
NEW YORK--(BUSINESS WIRE)--Aug. 29, 1996--The Equity Services Group of Standard & Poor's will replace Varity Corp. (VAT) in the S&P 500 Index with Dell Computer Corp. (DELL), currently a component of the S&P MidCap 400 Index, after the close of trading on Thursday, Sept. 5, 1996.
Varity Corp. is merging with the British company Lucas Industries PLC Lucas Industries plc was a famous manufacturer of components for the motor industry and aerospace industry. It was based in Birmingham, England, and quoted on the London Stock Exchange Foundation to form LucasVarity PLC, which also will be a British company. The merger has been approved by the shareholders of both companies and is expected to close on September 6. The New York Stock Exchange New York Stock Exchange (NYSE)
World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. said it expected trading in Varity to be suspended before the opening of trading on Sept. 6. Dell Computer will be replaced in the S&P MidCap 400 Index by PMI Group The PMI Group (NYSE: PMI) is a provider of credit enhancement products that promote homeownership and the provision of services essential to the building of strong communities. , Inc. (PMA PMA (papillary-marginal-attached),
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Dell Computer, the world's leading direct marketer of personal computers, will be added to the S&P 500 Computers (Hardware) industry group within the Technology sector. Dell is headquartered in Austin, Texas. Through its PMI See Private Mortgage Insurance. Mortgage insurance subsidiary, PMI Group is the nation's third-largest provider of private mortgage insurance. The company, which is headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , was spun off by Allstate Insurance in April 1995. PMI Group will be added to the S&P MidCap 400 Financial (Diversified) industry group within the Financials sector.
The Equity Services Group of Standard & Poor's, a division of the Financial Information Services See Information Systems. Group of The McGraw-Hill Companies, provides financial, economic, and investment information, as well as analytical services, to the global financial community and commodity trading markets.
The S&P Equity Services Group calculates and maintains the S&P 500, S&P MidCap 400, S&P SmallCap 600, and the S&P Super Composite 1500 stock price indexes, which are widely considered key barometers of stock market activity and performance benchmarks for professional money managers. More than $350 billion is currently indexed to the S&P 500. Company additions to and deletions from the S&P equity indexes do not in any way reflect an opinion on the investment merits of the company.
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