8x8, Universal Insurance to join S&P SmallCap 600, Knowles to MidCap 400

8x8 Inc. (EGHT) +4.8% premarket and Universal Insurance (UVE) +2.7% as the companies are selected to join the S&P SmallCap 600 after the close of trading Feb. 28; EGHT and UVE will replace Prospect Capital (PSEC) and Avid Technology (AVID), respectively.

Also, Knowles Corp. will be added to the S&P MidCap 400 as it is spun off from S&P 500 constituent Dover (DOV) to shareholders, effective after the close of trading Feb. 28; DOV will remain in the S&P 500 after the spinoff; Knowles, which will use the ticker symbol KN, is replacing Apollo Investment (AINV).

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Comments (5)
  • Sogabuzz
    , contributor
    Comments (106) | Send Message
    So why was PSEC removed?
    25 Feb 2014, 10:24 AM Reply Like
  • FlabbyCat
    , contributor
    Comment (1) | Send Message
    I think it might be because their market cap grows fairly steadily and it is considerably higher than the S&P600 criteria allows.
    25 Feb 2014, 01:25 PM Reply Like
  • Robert R. Talley
    , contributor
    Comments (86) | Send Message
    I don't know but does it really matter? Seems like the drop in sp presents a good buy opportunity to increase an already high yield.
    25 Feb 2014, 11:48 AM Reply Like
  • nmavros
    , contributor
    Comments (17) | Send Message
    BDCs were removed because of reporting requirements for the S&P 500. If congress passes standard reporting requirements for BDCs they would be allowed back in the S&P500.
    25 Feb 2014, 08:30 PM Reply Like
  • Sogabuzz
    , contributor
    Comments (106) | Send Message
    Good info. I added to my PSEC holdings. Nothing done by S&P changes my decisions to own based on my on study.
    26 Feb 2014, 08:37 AM Reply Like
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