Unisys, Bed Bath & Beyond slide after removal from small-cap index

Unisys

06/03/2023 19:36

NEW YORK, March 6 (Reuters) - Shares of IT services firm
Unisys Corp tumbled 16.7% on Monday and shares of embattled home
goods retailer Bed Bath & Beyond Inc fell about 4% after it was
announced they will be removed from the small-cap S&P 600 index
 .SPCY  in two weeks.
    S&P Dow Jones Indices, a unit of S&P Global Inc  SPGI.N ,
made the announcement after markets closed on Friday to coincide
with the quarterly rebalancing of its indexes, including the
large-cap S&P 500  .SPX  and mid-cap S&P 400  .IDX .
   Shares of Unysis  UIS.N  have fallen 80% over the past 12
months. As of Friday, the company's market capitalization was
$330.9 million, according to Refinitiv data, or less than the
$850 million market cap required for inclusion in the small-cap
index.
    Unysis shares were trading at $4.065. 
    Bed Bath & Beyond's  BBBY.O  stock is down 43% since the end
of December and was trading at about $1.435 a share on Friday,
down from a 12-month high of $30.06 on March 7, 2022. Its market
cap as of Friday was $174.1 million.
    About a month ago, the company said it raised about $225
million of equity and may obtain another $800 million over the
next 10 months as it fights to stave off bankruptcy.
    Other notable changes to take effect March 20 was the
addition to the S&P 500 of credit-scoring services firm Fair
Isaac Corp   FICO.N  to replace telecom company Lumen
Technologies Inc  LUMN.N , which is moving to the small-cap
index.
    Fair Isaac shares rose 0.25%  to $707.01, on track to mark a
record closing high, while Lumen shares bounced off near-record
lows, up 4.57% at $3.315 a share.

 (Reporting by Herbert Lash; additional reporting by Lance
Tupper; Editing by Leslie Adler)
 ((herb.lash@thomsonreuters.com; 1-646-223-6019; Reuters
Messaging: herb.lash.reuters.com@reuters.net))