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Knowles Set to Join the S&P MidCap 400; 8x8, Universal Insurance to Join S&P SmallCap 600

NEW YORK, Feb. 24, 2014 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P MidCap 400 and S&P SmallCap 600 indices after the close of trading on Friday, February 28:

  • Knowles Corp. (NYSE:KNwi) will replace Apollo Investment Corp. (NASD:AINV) in the S&P MidCap 400. S&P 500 constituent Dover Corp. (NYSE:DOV) is spinning off Knowles to shareholders in a transaction expected to be effective after the close of trading on that date. Dover will remain in the S&P 500 after the spin-off. Due to an announced U.S. Indices methodology change scheduled to become effective with the March quarterly rebalance, business development companies (BDCs) will no longer be eligible for U.S. Indices. Apollo Investment operates as a BDC.  
  • 8x8 Inc. (NASD:EGHT) will replace Prospect Capital Corp. (NASD:PSEC) in the S&P SmallCap 600. Prospect Capital operates as a BDC.
  • Universal Insurance Holdings Inc. (NYSE:UVE) will replace Avid Technology Inc. (NASD:AVID) in the S&P SmallCap 600. Due to regulatory compliance issues, Avid Technology is being delisted from the NASDAQ Stock Market on Tuesday, February 25, and it will no longer be eligible for inclusion in the S&P SmallCap 600.

Knowles Corporation designs, manufactures and sells advanced micro-acoustic, specialty components, and human interface solutions. Headquartered in Itasca, IL, the company will be added to the S&P MidCap 400 GICS (Global Industry Classification Standard) Electronic Components Sub-Industry index.

8x8 provides unified communications and collaboration services. Headquartered in San Jose, CA, the company will be added to the S&P SmallCap 600 GICS Alternative Carriers Sub-Industry index.

Universal Insurance Holdings operates as a property and casualty insurance company. Headquartered in Fort Lauderdale, FL, the company will be added to the S&P SmallCap 600 GICS Property & Casualty Sub-Industry index.

Following is a summary of the changes:

S&P MIDCAP 400 INDEX –  February 28, 2014


COMPANY

GICS ECONOMIC SECTOR

GICS SUB-INDUSTRY

ADDED

Knowles

Information Technology

Electronic Components

DELETED

Apollo Investment

Financials

Asset Management & Custody Banks

 

S&P SMALLCAP 600 INDEX – February 28, 2014


COMPANY

GICS ECONOMIC SECTOR

GICS SUB-INDUSTRY

ADDED

8x8

Telecommunications Services

Alternative Carriers


Universal Insurance

Financials

Property  & Casualty Insurance

DELETED

Prospect Capital

Financials

Asset Management & Custody Banks


Avid Technology

Information Technology

Computer Hardware

 

Additions to and deletions from S&P  Dow Jones Indices do not in any way reflect an opinion on the investment merits of the companies involved.

About S&P Dow Jones Indices
S&P Dow Jones Indices LLC, a part of McGraw Hill Financial, is the world's largest, global resource for index-based concepts, data and research. Home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average™, S&P Dow Jones Indices LLC has over 115 years of experience constructing innovative and transparent solutions that fulfill the needs of investors. More assets are invested in products based upon our indices than any other provider in the world. With over 1,000,000 indices covering a wide range of asset classes across the globe, S&P Dow Jones Indices LLC defines the way investors measure and trade the markets. To learn more about our company, please visit www.spdji.com.  

Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC, a part of McGraw Hill Financial. Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones").  These trademarks have been licensed to S&P Dow Jones Indices LLC. It is not possible to invest directly in an index. S&P Dow Jones Indices LLC, Dow Jones, S&P and their respective affiliates (collectively "S&P Dow Jones Indices") do not sponsor, endorse, sell, or promote any investment fund or other investment vehicle that is offered by third parties and that seeks to provide an investment return based on the performance of any index. This document does not constitute an offer of services in jurisdictions where S&P Dow Jones Indices does not have the necessary licenses. S&P Dow Jones Indices receives compensation in connection with licensing its indices to third parties.

For more information:

David Blitzer
Managing Director and Chairman of the Index Committee
S&P Dow Jones Indices
(+) 212 438 3907
david.blitzer@spdji.com 

David R. Guarino
Communications
S&P Dow Jones Indices
(+1) 212 438 1471
dave.guarino@spdji.com

SOURCE S&P Dow Jones Indices

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