J&J spinoff Kenvue to replace Advance Auto Parts on the S&P 500
Kenvue Inc. , the maker of Tylenol and Benadryl, will replace auto-parts retailer Advance Auto Parts Inc. (AAP) on the S&P 500 Index , S&P Dow Jones Indices said on Monday. The move takes hold before the opening of trading on Friday. S&P Dow Jones Indices earlier this month said Kenvue, a spinoff of Johnson & Johnson (JNJ), would join the index, but at that time did not disclose the company Kenvue would be replacing. Advance Auto Parts will replace Emergent BioSolutions Inc. (EBS) in the S&P SmallCap 600, a change that also becomes effective before trading starts on Friday. "As previously announced on August 9, the addition of Kenvue is the result of S&P 500 and S&P 100 constituent Johnson & Johnson offering to exchange the shares of Kenvue held for shares of Johnson & Johnson in a split-off exchange offer that expired on Friday, August 18," S&P Dow Jones Indices said in a statement. "Advance Auto Parts is more representative of the small-cap market space, and Emergent BioSolutions is no longer representative of the small-cap market space." Shares of Kenvue were up 1% after hours. Advance Auto Parts fell 0.3%.
-Bill Peters
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
08-21-23 1752ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening In the Markets This Week
-
Can the Fed Declare Victory on Inflation?
-
After Earnings and a 56% Rally In 2024, Is Arm Stock a Buy, a Sell, or Fairly Valued?
-
How Morningstar Rates Stocks
-
After Earnings, Is Disney Stock a Buy, a Sell, or Fairly Valued?
-
Home Depot Earnings: Macro Factors Pinch Demand, but Long-Term Outlook Intact
-
Tariffs On Chinese EVs Offer US Automakers a Chance to Capture Demand
-
The Best REITs to Buy
-
3 Hot Stocks to Buy That Still Look Undervalued
-
After Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?