Michael Kors to Join S&P 500, Replacing NYSE Euronext

Its shares have risen sharply since a 2011 IPO

   

wrapup trading floor Michael Kors to Join S&P 500, Replacing NYSE EuronextShares of Michael Kors Holding (KORS) surged more than 3% in Tuesday pre-market trading after Standard & Poor’s said it would add the luxury apparel maker to a prominent stock index.

On Nov. 1, Michael Kors will join the S&P 500 index. The addition comes just days before the company reports its latest quarterly results next week. Michael Kors will replace NYSE Euronext (NYX) on the S&P 500, Forbes notes.

5068080 trading board thumb 200x150 Michael Kors to Join S&P 500, Replacing NYSE Euronext
Transocean to Replace Dell in S&P 500

NYSE Euronext is departing the index in the wake of its acquisition by IntercontinentalExchange (ICE), which is expected to be completed this week.

Since its 2011 IPO, shares of Michael Kors have soared 215%. The stock’s performance this year has surpassed that of luxury goods competitors Burberry (BURBY) and Coach (COH). The company now has a market capitalization of over $15 billion.


Article printed from InvestorPlace Media, http://investorplace.com/2013/10/michael-kors-join-sp-500-replacing-nyse-euronext/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.