Conoco refining spinoff Phillips 66 to join S&P 500
By MATT JARZEMSKY
NEW YORK -- Phillips 66, the refining company splitting from ConocoPhillips, will replace Supervalu in Standard & Poor's 500-stock index at the end of the month.
The move is set to occur alongside the completion of Phillips 66's spinoff after the close of trading on April 30, the index operator said Monday.
The index includes 500 leading large-cap US companies. S&P is a unit of McGraw-Hill.
S&P said Supervalu, the supermarket chain whose brands include Albertson's and Save-A-Lot, will join its index of 400 midcap stocks, replacing American Greetings Corp.
The greeting-card maker will displace Standard Register Co. in the S&P 600 small-cap index.
ConocoPhillips said earlier this month its board approved the spinoff of its refining arm as it seeks to focus on its exploration-and-production business.
Phillips 66 plans to expand chemical and midstream operations.
ConocoPhillips shares were up 0.1% at $72.43 in after-hours trading. Supervalu slid 1.8% to $6.02.
Dow Jones Newswires
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