Bloomberg News

Michael Kors Shares Will Replace NYSE Euronext in S&P 500 Index

October 28, 2013

Michael Kors Holdings Ltd. (KORS:US), the luxury-goods company founded by the designer of the same name, will replace NYSE Euronext (NYX:US) in the Standard & Poor’s 500 Index, S&P said in a statement today.

The change will take place after the close of trading on Nov. 1, S&P said. The revisions in the benchmark equity index may prompt money managers to shift holdings to match the index. About $5.14 trillion was benchmarked to the S&P 500, according to the S&P website.

NYSE Euronext, the biggest U.S. stock exchange owner, is being acquired by Atlanta-based IntercontinentalExchange Inc. in a deal valued at $10.3 billion. IntercontinentalExchange plans to close the deal on Nov. 4, the company said earlier this month. The 12-year-old energy and commodity futures bourse, known as ICE, is buying the 220-year-old exchange operator as the profitability of equities trading declines and derivatives generate more income.

Michael Kors, based in Hong Kong, has a market capitalization of $15.5 billion. Shares of both NYSE and Michael Kors were little changed in trading after the close of U.S. exchanges.

To contact the reporter on this story: Nick Taborek in New York at ntaborek@bloomberg.net

To contact the editor responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net


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Companies Mentioned

  • KORS
    (Michael Kors Holdings Ltd)
    • $74.0 USD
    • 0.57
    • 0.77%
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