ADPT to be removed from S&P500 on Friday.
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NEW YORK, May 7 /PRNewswire/ -- Standard & Poor's will make the following changes in the S&P 500 and S&P SmallCap 600 Indices:
* Adaptec, Inc. (Nasdaq: ADPT) is spinning off its wholly owned subsidiary Roxio, Inc. (Nasdaq: ROXIV) to Adaptec, Inc. shareholders and will trigger the following changes after the close of trading on Friday, May 11, 2001. Pepsi Bottling Group (NYSE: PBG) will replace Adaptec, Inc. in the S&P 500. Adaptec, Inc. will be transferred to the S&P SmallCap 600 Index and Adaptec, Inc. (Nasdaq: ADPTV) will be replacing Cyrk, Inc. (Nasdaq: CYRK). Roxio will also be added to the S&P SmallCap 600, replacing Casual Male Group (Nasdaq: CMAL). Cyrk, Inc. and Casual Male Group are both leaving the Index for lack of representation.
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Nice job, Bob Stephens and Larry Boucher. Another fine achievement by our boys; we have lost both index representations since December, but I'm sure their yammering about "shareholder value" will continue. I love that Roxio excuse; funny that there's no mention of the continued shrinking of the company under the magnificent tenure of Bob Stephens, who extracted over $9 million in compensation last year.
And to add icing on the cake, our new index listing is as a Small Cap. Wonderful. |
