Constellation Energy to replace Gap in S&P 500 after Exelon spin-off

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27/01/2022 14:57

** Constellation Energy Corp's  CEGVV.O  "when-issued"
shares up ~11% early Thurs as co to replace Gap Inc  GPS.N  in
the S&P 500 index  .SPX  next week
    ** Carbon-free energy provider to replace the retailer
effective Thurs, Feb 3 amid a number of changes, per S&P Dow
Jones Indices  urn:newsml:reuters.com:*:nPn3CY3Qda
    ** Firms that join the S&P 500 usually see their shares rise
as actively managed funds that benchmark the index buy shares
    ** SPX member Exelon Corp  EXC.O  spinning off Constellation
in transaction expected to close Feb 2
    ** In turn, GPS moving to S&P MidCap 400  .IDX  to take the
place of Jack in the Box Inc  JACK.O , as the fast-food chain
replaces Spectrum Pharmaceuticals  SPPI.O  in the S&P SmallCap
600  .SPSY 
    ** Spectrum "no longer representative of the smallcap market
space," S&P Dow Jones said
    ** Gap's stock up 2.5% in early trade. Shares now up ~2% YTD
following ~13% decline in 2021

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))