S&P; to Drop Adaptec, Add Pepsi Bottling
Reuters
Chalk one up for the “old economy”: Standard & Poor’s said Monday it will add Pepsi Bottling Group (PBG) to the blue-chip S&P; 500 index and drop Adaptec Inc. (ADPT).
Pepsi Bottling, the largest bottler of PepsiCo Inc. drinks, will join the index May 11. Tech firm Adaptec, which is spinning off its software unit Roxio Inc., will be transferred to the S&P; SmallCap 600 index.
The news was announced after the close of trading. Pepsi Bottling shares rose 98 cents to $41.83 on Monday on the New York Stock Exchange. Adaptec fell 24 cents to $11.47 on Nasdaq.
Last year S&P; made a record 59 stock changes in the S&P; 500, and a record 22 of the substitutions were tech companies.
