Microsoft (MSFT) rises Thursday evening on Q4 earnings beat >>> READ MORE

S&P 500: Sprint Is Out, Nielsen Is In

It will join the index after the close of trading on July 8


NYSE traders on trading floorShares of Nielsen Holdings (NLSN) surged almost 3% in Tuesday morning trading after it was announced that the company will be added to the S&P 500 index.

Nielsen will replace Sprint (S), the nation’s third largest wireless carrier, which is about to complete its partial merger with a Japanese telecommunications giant Softbank. The consumer tracking firm will join the S&P 500 index after the end of trading on July 8, the Associated Press notes.

Sprint Sues to Stop Dish From Buying Clearwire
Sprint Sues to Stop Dish From Buying Clearwire

Softbank announced its plans to purchase a 70% stake in Sprint last year. After the acquisition is finished, Sprint’s publicly traded shares will drop below the 50% criteria required for listing on the S&P 500.

Last year, Nielsen announced plans to acquire Arbitron Holdings for $1.26 billion. The company has also partnered with Twitter to increase its standing in social media.

Article printed from InvestorPlace Media,

©2017 InvestorPlace Media, LLC