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S&P: MetroPCS To Replace Tyco Electronics In S&P 500

DOW JONES NEWSWIRES

Standard & Poor's will replace Tyco Electronics Ltd. (TEL) with MetroPCS Communications Inc. (PCS) in the S&P 500 index, as the electronic-components maker is in the process of redomesticating to Switzerland.

The move abroad makes the company ineligible for continued inclusion in the S& P 500 index, S&P said.

MetroPCS, a wireless communications service provider, has a market capitalization of $4.8 billion.

As a result of the changes announced Monday, Fossil Inc. (FOSL) will replace YRC Worldwide Inc. (YRCW) in the S&P MidCap 400 and Align Technology Inc. (ALGN) will replace Fossil in the S&P SmallCap 600. As of Monday's close of trading, YRC has a market capitalization of about $100 million, ranking it 400th in the index.

Tyco is scheduled to be removed from the S&P 500 Index on June 25, with MetroPCS being added June 29, when the other index changes are also scheduled to occur.

The S&P 500 index has seen several changes recently, including the removal of Ingersoll-Rand Co. (IR) earlier this month for redomesticating to Ireland and General Motors Corp. (GMGMQ), which filed for bankruptcy protection. Those companies were replaced by Quanta Services Inc. (PWR) and DeVry Inc. (DV), respectively.

Shares of MetroPCS were up 5% to $14.30 in after-hours trading.

- By John Kell, Dow Jones Newswires; 201-938-5285; john.kell@dowjones.com

  (END) Dow Jones Newswires
  06-22-091758ET
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