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

by Christopher Freeburn | October 29, 2013 9:06 am

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

wrapup trading floor Michael Kors to Join S&P 500, Replacing NYSE Euronext[1]Shares of Michael Kors Holding (KORS[2]) 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[3].

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[4]) on the S&P 500, Forbes notes.

NYSE Euronext is departing the index in the wake of its acquisition by IntercontinentalExchange (ICE[5]), 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[6]) and Coach (COH[7]). The company now has a market capitalization of over $15 billion.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2010/12/wrapup-trading-floor.jpg
  2. KORS: http://studio-5.financialcontent.com/investplace/quote?Symbol=KORS
  3. add the luxury apparel maker to a prominent stock index: http://www.forbes.com/sites/afontevecchia/2013/10/28/michael-kors-to-be-added-to-sp-500-as-the-stock-surges-215-since-ipo/
  4. NYX: http://studio-5.financialcontent.com/investplace/quote?Symbol=NYX
  5. ICE: http://studio-5.financialcontent.com/investplace/quote?Symbol=ICE
  6. BURBY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BURBY
  7. COH: http://studio-5.financialcontent.com/investplace/quote?Symbol=COH

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