Spectra Energy to Replace Parametric Technology in S&P 500 Index
McGraw-Hill Cos. division Standard & Poor’s, a provider of financial services, said Wednesday natural gas distributor Spectra Energy Corp. will replace software maker Parametric Technology Corp. in the benchmark S&P 500 Index.
Parametric Technology will move to the S&P MidCap 400 to replace Pier 1 Imports Inc., a home furnishings retailer which, with a market capitalization of about $556 million, ranks 400th in the index.
The changes are effective Dec. 29. Spectra Energy is being spun off by S&P 500 constituent Duke Energy Corp. in a transaction expected to close on or about that date.
In addition, Movado Group Inc., which makes watches and jewelry, will replace specialty pharmaceutical company Connetics Corp. in the S&P SmallCap 600 index after the close of trading on a date to be announced. Connetics is being acquired by Stiefel Laboratories Inc. in a deal that is still pending final approvals.
