NEW YORK (AP) — Standard & Poor's on Monday replaced the two smallest companies in its S&P SmallCap 600 index, adding Compellent Technologies Inc. to replace Central Pacific Financial Corp., and Emergent BioSolutions Inc. to replace Independent Bank Corp.
Both changes will happen after trading closes Nov. 9.
Both the companies leaving the index have market capitalizations below $35 million, well below the $200 million minimum market capitalization now required for a new company entering the index, S&P said.
Compellent, based in Eden Prairie, Minn., is a network storage provider. Emergent BioSolutions Inc. is a biopharmaceutical company based in Rockville, Md.
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Compellent shares closed earlier up 79 cents at $19.13 and jumped more than 7 percent after-hours to $20.50. Emergent shares rose 46 cents, or 3.2 percent, to $15.05 in aftermarket trading. Stocks often rise after they are added to major indices because they are bought up by managers of investment funds that track those benchmarks.