DOW JONES NEWSWIRES
Standard & Poor's will replace Ingersoll-Rand Co. (IR) with
Quanta Services Inc. (PWR) in the S&P 500 index, the second
announced change to the index in less than a week.
Quanta, a provider of specialized contracting services for
telecommunications, cable television and electric power industries,
has a market capitalization of $4.6 billion.
Ingersoll-Rand, meanwhile, is in the process of redomesticating
to Ireland, rendering the diversified industrial company ineligible
for continued inclusion in the index, S&P said.
As a result of the changes announced Thursday, Valmont
Industries Inc. (VMI) will replace Quanta Services in the S&P
MidCap 400 and TeleTech Holdings Inc. (TTEC) will replace Valmont
in the S&P SmallCap 600.
The date for the changes hasn't been announced.
On Tuesday, S&P said post-secondary education company DeVry
Inc. (DV) would replace auto maker General Motors Corp. (GMGMQ),
which filed for bankruptcy protection.
Shares of Quanta were up 4.7% to $24.79 in after-hours
trading.
-By John Kell, Dow Jones Newswires; 201-938-5285;
john.kell@dowjones.com
