“Standard & Poor’s on Wednesday said computer and iPod maker Apple Inc. (AAPL) will join its S&P 100 index (OEX) of big blue-chip companies,” Reuters reports.
MacDailyNews Note: Apple is replacing MedImmune Inc. after trading ends Thursday, due to MedImmune’s pending acquisition by AstraZeneca. Of the companies in the S&P 500, the 100 which have the largest market capitalization make up the S&P 100. More info about the S&P 100 here.
“Shares of companies joining S&P [indexes] often rise because many portfolio managers try to track the index, and are required to buy stocks that enter it,” Reuters reports.
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