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Published on Friday, Oct 31, 2008
With a name like Smucker, it's got to be in the S&P 500 Index.
And it will be.
Orrville-based J.M. Smucker Co. was picked Thursday to replace Terex Corp. in the Standard & Poor's 500 Index of the largest U.S. corporations.
The change in the benchmark index for U.S. stocks will occur after the close of trading Wednesday, S&P said in a statement.
Adding Smucker might affect its stock price as money managers buy shares to add to funds that track the S&P 500. Smucker advanced 3.6 percent Thursday to $45.04. S&P firms need a minimum market capitalization — number of shares times price — of $4 billion.
Smucker will move up from the mid-cap S&P 400 Index, while Terex will move down.
With a name like Smucker, it's got to be in the S&P 500 Index.
Get the full article here.
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