Kmart booted from S&P 500, shares slide (KM, PCL, ATVI, COV, DRS, FWC) By Tomi Kilgore
Shares of Kmart (KM) are sliding 45 cents, or 18 percent, to $2 in pre-open trading over the Redibook ECN. Late Tuesday, Standard & Poor's said it would remove the retailer's stock from its benchmark S&P 500 Index ($SPX) after the close of trading Wednesday for "lack of representation." S&P said Kmart would be replaced by Plum Creek Timber (PCL) , which is running up $2.01, or 6.9 percent, to $31.20 over Redibook. Among other S&P index changes, Activision (ATVI) will replace Covanta Energy (COV) in the S&P MidCap 400 Index and DRS Technologies (DRS) will replace Foster Wheeler (FWC) in the S&P SmallCap 600 Index. Covanta and Foster Wheeler are both being removed for "lack of representation."
Keep the Faith!
M&M Man
