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 8:23:25 am Views: 53
  • #24298

    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