Circuit City Dropped From S&P 500
Circuit City will be dropped from the Standard & Poor’s S&P 500 stock market index as of the close of trading March 28, S&P announced Thursday.
Philip Morris International, the tobacco giant that is being spun off from parent company Altria, will take Circuit City’s place. Commerce Bancorp, which is being absorbed by Toronto-Dominion Bank, will also exit the index.
In its announcement S&P did not give a reason for the chain’s departure, but did include a standard disclaimer stating that “additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the companies concerned.”