Texas Instruments Inc. (TXN:US) was picked to replace First Solar Inc. (FSLR:US) in the Nasdaq-100 Index, four months after the chipmaker became the biggest company to switch its listing to the Nasdaq Stock Market from the New York Stock Exchange.
The world’s largest maker of analog semiconductors will join the index before the start of trading on April 23, Nasdaq OMX Group Inc. said in an April 13 statement. Texas Instruments, based in Dallas, has a market value of $36.8 billion, making it bigger than all but 17 of the 100 companies already in the index, data compiled by Bloomberg show.
The Nasdaq-100 serves as the basis for the PowerShares QQQ Trust, the U.S. exchange-traded fund with the fifth-highest average daily trading volume in 2012, according to data compiled by Bloomberg.
Texas Instruments shares have advanced 11 percent in 2012, compared with the 38 percent retreat by Tempe, Arizona-based First Solar. The Nasdaq-100 Index (NDX) has rallied 18 percent and closed at the highest level since December 2000 on April 2.
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