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SMALL BUSINESS
Freeport-McMoRan to move into S&P 100 index
AP
NEW YORK -Standard & Poor's said Thursday it will add miner Freeport-McMoRan Copper & Gold Inc. to its S&P 100 index to replace Schering-Plough Corp., after the drugmaker merges with Merck & Co. in a deal expected to be completed soon.
Priceline.com Inc. will replace Schering-Plough in the S&P 500, and equity index product provider MSCI Inc. will replace the online travel discounter in the S&P MidCap 400, S&P said in a statement.
The date of the changes were not announced.
Shares of Priceline jumped 4.6 percent in aftermarket trading to $170.05, while shares of MSCI climbed $2.27, or nearly 8 percent, to $31.50. Freeport-McMoRan shares edged up $1.18 to $79.35 after-hours.
Stocks often rise after they are added to major indexes as they are bought by managers of investment funds that mirror the indexes.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-29 19:51:09
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