Standard & Poor's Announces Changes to S&P 500 and S&P MidCap 400 Indices

Strategic Insights -

Standard & Poor's has made significant changes to the S&P 500 and S&P MidCap 400 Indices. Effective June 16, 2000, Charter One Financial will join the S&P 500 Index after the close of trading, replacing MediaOne Group Inc. which is being acquired by AT&T Corp. Charter One Financial is a bank holding company with nearly $32 billion in assets, making it one of the largest bank holding companies in the country. Additionally, Semtech Corp. will replace Charter One Financial in the S&P MidCap 400 Index. The changes reflect the evolving landscape of the financial and technology sectors.

Key Takeaways:

  • Charter One Financial, parent company of Charter One Bank, FSB, and Charter One Commercial, will be added to the S&P 500 Index on June 16, 2000, with over $32 billion in assets.
  • MediaOne Group Inc. will be deleted from the S&P 500 Index after its acquisition by AT&T Corp.
  • Semtech Corp., a semiconductor manufacturer, will be added to the S&P 500 Index, representing the Electronics (Semiconductors) industry group.
  • The company additions and deletions do not reflect an opinion on the investment merits of the companies.
  • Standard & Poor's maintains the S&P Global 1200 Index, which includes indices for major global markets such as the S&P 500, S&P MidCap 400, and S&P Europe 350.
  • Over $1 trillion is indexed to S&P Indices, making them a leading provider of financial, economic, and investment information.
  • The McGraw-Hill Companies, the parent company of Standard & Poor's, has a global presence with over 400 offices in 32 countries and sales of $4.0 billion in 1999.
  • Charter One Financial is headquartered in Cleveland, Ohio, and will join the S&P 500 Savings & Loan Companies industry group.
  • Semtech Corp. is headquartered in Newbury Park, California, and will join the S&P 500 Electronics (Semiconductors) industry group.

Statistics:

  • 1 trillion: The amount of assets indexed to S&P Indices.
  • 400: Number of offices in 32 countries for The McGraw-Hill Companies.
  • 4.0 billion: Sales of The McGraw-Hill Companies in 1999.
  • 1888: The year The McGraw-Hill Companies was founded.
  • 32: Number of countries with a presence for The McGraw-Hill Companies.
  • 2000: The year the changes to the S&P 500 and S&P MidCap 400 Indices took effect.

Sources:

  • "Standard & Poor's Announces Changes to S&P 500 and S&P MidCap 400 Indices" (PRNewswire, June 15, 2000)
  • "S&P 500 Index - June 15, 2000" (Standard & Poor's)
  • "S&P MidCap 400 Index - June 16, 2000" (Standard & Poor's)
  • "About The McGraw-Hill Companies" (The McGraw-Hill Companies)