PetSmart Joins S&P 500

Investing

Published: October 2, 2012 8:38 am

Last Updated: October 2, 2012 9:12 am

S&P Dow Jones has announced that it will replace oil and gas company Sunoco Inc. (NYSE: SUN) on the S&P 500 Index with specialty retailer PetSmart Inc. (NASDAQ: PETM) after the close of trading on October 4. Sunoco is being acquired by Energy Transfer Partners L.P. (NYSE: ETP), and the acquisition is expected to close at about the same time.

PetSmart, currently included in the S&P Midcap 400 index, will be replaced on that list by Cabela’s Inc. (NYSE: CAB), a specialty retailer of hunting and outdoor goods. PetSmart’s market cap is about $7.3 billion, while Cabela’s is about $3.8 billion.

The final change to the S&P Dow Jones indexes moves Acorda Therapeutics Inc. (NASDAQ: ACOR) into the S&P Smallcap 600 Index, replacing Cabela’s. Acorda is a commercial stage biopharmaceutical firm and its market cap is about $1 billion.

Shares of PetSmart are up 3% in premarket trading this morning at $69.60 in a 52-week range of $39.53 to $72.75.

Cabela’s shares are up about 0.8% at $55.41 in a 52-week range of $19.12 to $55.65.

Acorda’s shares are inactive in the premarket, having closed at $25.55 last night, in a 52-week range of $18.36 to $27.74.

Paul Ausick

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