Winn-Dixie to Be Dropped From S&P 500 Index
NEW YORK - Shares of Winn-Dixie Stores, Inc. tumbled yesterday after Standard & Poor's said it would drop the grocery store chain from its S&P 500 index later this week.
The rating agency announced late Monday that Freescale Semiconductor, Inc., which is being spun off from cell phone maker Motorola, Inc., will replace Winn-Dixie in the index after the closing bell Thursday.
At the market's close last Friday, Winn-Dixie ended the session four cents higher at $4.08, bringing its market capitalization to $580 million and ranking the company last of the 500 stocks tracked by Standard & Poor's index. The stock, which has traded below $10 since September 2003, closed yesterday at $4 on the New York Stock Exchange, down 41 cents from the previous day.
The rating agency announced late Monday that Freescale Semiconductor, Inc., which is being spun off from cell phone maker Motorola, Inc., will replace Winn-Dixie in the index after the closing bell Thursday.
At the market's close last Friday, Winn-Dixie ended the session four cents higher at $4.08, bringing its market capitalization to $580 million and ranking the company last of the 500 stocks tracked by Standard & Poor's index. The stock, which has traded below $10 since September 2003, closed yesterday at $4 on the New York Stock Exchange, down 41 cents from the previous day.
