U.S. Robotics to Be Removed from S&P MidCap 400 Index
SCI Systems added to S&P MidCap 400 Index
Footstar added to S&P SmallCap 600 Index
NEW YORK--(BUSINESS WIRE)--June 9, 1997--The Financial
Information Services group of Standard
& Poor's will replace U.S. Robotics Corp. (USRX) in the S&P MidCap
400 Index with SCI Systems,
Inc. (SCI), currently a component of the S&P SmallCap 600 Index,
after the close of trading on
Thursday, June 12, 1997. U.S. Robotics is being acquired by 3Com
Corp. (COMS), a component of the
S&P 500. The merger is scheduled to close on that date, following
approval by 3Com and U.S. Robotics
shareholders. SCI Systems will be replaced in the SmallCap 600 Index
by Footstar, Inc. (FTS).
SCI Systems, headquartered in Huntsville, Alabama, manufactures
electronic products for the computer,
aerospace, defense, telecommunications, and other industries. It will be
added to the S&P MidCap 400
Electrical Equipment industry group in the Capital Goods economic
sector.
Footstar, headquartered in Mahwah, New Jersey, operates leased
footwear departments in Kmart
department stores and the mall-based Footaction chain, which sells
branded athletic footwear, apparel,
and related accessories. Footstar will be added to the S&P SmallCap
600 Retail (Specialty) group in the
Consumer Cyclicals sector. Footstar was spun off last year to
shareholders of S&P 500 component CVS,
which was known as Melville Corp. at the time.
The Standard & Poor's Financial Information Services group, a division
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 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.
Approximately $475 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.
Contact:
Elliott Shurgin
V.P., Index Services
(212) 208-8709
OR
Albert Neubert
Director, Domestic Indexes
(212) 208-8716
More news for referenced ticker symbols: FTS, SCI, and related
industries: banking.
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