KODAK & OFFICE DEPOT FALL FROM S&P 500 STOCK INDEX

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KODAK & OFFICE DEPOT FALL FROM S&P 500 STOCK INDEX

 user 2011-01-10 at 8:22:17 am Views: 37
  • #24044

    http://www.rbj.net/article.asp?aID=185981

    KODAK & OFFICE DEPOT FALL FROM S&P 500 STOCK INDEX

    Kodak to fall from S&P 500
    Eastman Kodak Co. ends its 53-year run on the benchmark Standard & Poor’s 500-stock index next week.Kodak was an original S&P 500 constituent on March 4, 1957.Standard & Poor’s Financial Services LLC announced on Thursday that Kodak’s departure would come after the close of trading next Friday. The move comes more than six years after Kodak fell from the Dow Jones Industrial Average.The New York Times Co. and Office Depot also are being knocked from the index. The three firms will swap spots with S&P MidCap 400 members F5 Networks Inc., Netflix Inc. and Newfield Exploration Co.

    The index includes 500 leading companies in leading industries of the U.S. economy.
    The transfers will make each index more representative of its market capitalization range, Standard & Poor’s said. Netflix, F5 Networks and Newfield all have market caps above $7 billion, while the firms going to the S&P MidCap 400—Kodak, the New York Times and Office Depot all have market caps of $1 billion to$3.5 billion.Kodak after its double-digit stock price jump on Thursday has a market cap of some $1.4 billion. Its stock was trading midday at $5.22, down nearly 2 percent.

    Kodak ended its 72-year-run on the Dow Jones Industrial Average on April 8, 2004.
    “Kodak is in the midst of a historic transformation–the scope of which few companies have ever undertaken,” said Kodak spokesman David Lanzillo. “The S&P shift is merely the mathematical consequence of a change in market capitalization.“Of course, this does not change the fact that we are a financially solid company, and it also in no way changes our strategy or the fact that we are making significant progress in creating a sustainable, profitable digital business.”

    http://www.rbj.net/article.asp?aID=185981

    http://www.miamiherald.com/2010/12/14/1972083/office-depot-drops-from-sp-index.html

    Office Depot drops from S&P index

    Following a couple years of struggles, office supplies retailer Office Depot Inc.has been demoted to the minor leagues.The Boca Raton-based retailer last week was removed from Standard & Poor’s index of publicly traded companies, along with Eastman Kodak Co. and The New York Times Co.The three companies are instead now part of the S&P Midcap 400 index for mid-sized stocks, while Netflix Inc., F5 Networks Inc.and Newfield Exploration Co. are now getting their shots at the big time.

    The move, while a blow to Office Depot’s pride, comes as little surprise, analysts say.“The investment community knows this company hasn’t been cutting it and has been falling out of favor,” said Morningstar analyst Joscelyn MacKay, who covers Office Depot.Entrants to the index have to have a market cap of $3.5 billion and be based in the United States, a spokesman for Standard & Poor’s said. Office Depot currently has a market cap of about $1.32 billion.

    http://www.miamiherald.com/2010/12/14/1972083/office-depot-drops-from-sp-index.html