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Transocean to Replace Dell in S&P 500

It joins the S&P Oil & Gas Drilling Sub-Industry index

   

Transocean rig in Gulf of MexicoShares of Transocean (RIG) surged more than 4% in pre-market trading on Tuesday after it was announced that the stock would join a prominent index.

On Monday, S&P Dow Jones said that the offshore drilling contractor will join the S&P 500 index after the markets close on October 28. Transocean will be added to the index to replace Dell (DELL), which is being taken private, Forbes noted.

S&P 500’s Dreaded Breakdown Finally Occurs
S&P 500’s Dreaded Breakdown Finally Occurs

Switzerland-based Transocean will become part of the S&P Oil & Gas Drilling Sub-Industry index.

Struggling computer equipment maker Dell is being acquired by a partnership between its founder Michael Dell and equity firm Silver Lake Partners in a deal valued at $24.8 billion.

Activist investor Carl Icahn had challenged the deal to take Dell private earlier this year, but the deal ultimately was approved by shareholders.

Icahn also holds a stake in Transocean.


Article printed from InvestorPlace Media, http://investorplace.com/2013/10/transocean-replace-dell-sp-500/.

©2016 InvestorPlace Media, LLC

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