Frontier Communications Corp (NASDAQ:FTR) has been removed from the S&P 500.

The decision to remove Frontier Communications Corp from the S&P 500 was announced on Friday. The reason for the removal is due to a review of the market. This resulted in the Index Committee updating market cap guidelines.

The update to the market cap guidelines means that Frontier Communications Corp and two other companies were removed from the S&P 500 before markets opened on Monday. The other two companies removed from the index were Urban Outfitters, Inc. (NASDAQ:URBN) and First Solar, Inc. (NASDAQ:FSLR).

Frontier Communications Corp, Urban Outfitters, Inc. and First Solar, Inc. have been replaced by three other companies that are now on the S&P 500. They are Advanced Micro Devices, Inc. (NASDAQ:AMD), Raymond James Financial, Inc. (NYSE:RJF) and Alexandria Real Estate Equities Inc (NYSE:ARE).

Advanced Micro Devices, Inc., Raymond James Financial, Inc. and Alexandria Real Estate Equities Inc were moved up to the S&P 500 from the S&P MidCap 400. Frontier Communications Corp, Urban Outfitters, Inc. and First Solar, Inc. will be taking over the empty places on that index.

“Based on our review of the market’s progress – the S&P 500 is up 5.5% since the start of the year and 19% over the last 12 months – the Index Committee has revised the market cap guidelines for the S&P 500, S&P MidCap 400 and S&P SmallCap 600,” David M. Blitzer, Managing Director & Chairman of the Index Committee, said in a statement. “These figures, which refer to total, not float adjusted market value, are reviewed from time to time. The previous change took place in the summer of 2014.”

FTR stock was down 2%, URBN stock was down 3% and AMD stock was up 3% as of Monday afternoon.