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Press Release: Standard & Poor's
July 27, 2006
NEW YORK, NY -- Standard & Poor's will make the following changes to the S&P 500, S&P MidCap 400 and
SmallCap 600 indices:
* Wyndham Worldwide Corp. (NYSE: WYNwi) will replace Cendant Corp.
(NYSE: CD) in the S&P 500, and Realogy Corp. (Hwi) will replace Gateway
Inc. (NYSE: GTW) in the S&P 500, after the close of trading on Monday,
July 31. Wyndham and Realogy are being spun off by Cendant in a deal
expected to close on or about that date, pending final approvals.
Cendant will replace Credence Systems Corp. (NASD: CMOS) in the S&P
MidCap 400. As of today's close of trading Gateway had a market
capitalization of roughly $670 million, ranking 500th in the index, and
had traded below $2.00 per share for six consecutive days. Credence
Systems had a market capitalization of roughly $290 million, ranking
400th in the S&P MidCap 400.
* PS Business Parks Inc. (AMEX: PSB) will replace Diagnostic Products
Corp. (NYSE: DP) in the S&P SmallCap 600 after the close of trading on
Thursday, July 27. Diagnostic Products is being acquired by S&P Global
1200 constituent Siemens AG in a deal expected to close on or about that
date, pending final approvals.
* Keystone Automotive Industries Inc. (NASD: KEYS) will replace Russell
Corp. (NYSE: RML) in the S&P SmallCap 600 after the close of trading on
Tuesday, August 1. Russell is being acquired by Berkshire Hathaway Inc.
(NYSE: BRK.A) in a deal expected to close on or about that date,
pending final approvals.
Standard & Poor's will monitor these transactions, and post any relevant updates on its website: www.standardandpoors.com.
Wyndham Worldwide offers hospitality products and services, including lodging, vacation exchange and rental services
and vacation ownership interests in resorts. Headquartered in Parsippany, NJ, the company will be added to the
S&P 500 GICS (Global Industry Classification Standard) Hotels, Resorts & Cruise Lines Sub-Industry index.
Realogy is a residential real estate brokerage franchiser, featuring brands such as Century 21, Coldwell Banker,
ERA and Sotheby's International Realty. Headquartered in Parsippany, NJ, the company will be added to the S&P
500 GICS Real Estate Management & Development Sub-Industry index.
The post-spinoff Cendant will include its Avis Budget Group business. Headquartered in New York, NY, the company
will be added to the S&P MidCap 400 GICS Diversified Commercial & Professional Services Sub-Industry index.
PS Business Parks acquires, develops, owns and operates commercial properties, primarily flex, multi-tenant office
and industrial space. Headquartered in Glendale, CA, the company will be added to the S&P SmallCap 600 GICS
Diversified REITs Sub-Industry index.
Keystone Automotive specializes in automotive body parts, bumpers, and remanufactured alloy wheels, as well as
paint and other materials used in repairing a damaged vehicle. Headquartered in Pomona, CA, the company will be
added to the S&P SmallCap 600 GICS Distributors Sub-Industry index.
Following is a summary of the changes:
S&P 500 INDEX -- July 31, 2006
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED Wyndham Worldwide Consumer Discretionary Hotels, Resorts &
Cruise Lines
Realogy Financials Real Estate Management
& Development
DELETED Cendant Industrials Diversified Commercial &
Professional Services
Gateway Information Technology Computer Hardware
S&P MIDCAP 400 INDEX -- July 31, 2006
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED Cendant Industrials Diversified Commercial &
Professional Services
DELETED Credence Systems Information Technology Semiconductor Equipment
S&P SMALLCAP 600 INDEX -- July 27, 2006
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED PS Business Parks Financials Diversified REITs
DELETED Diagnostic Products Health Care Health Care Equipment
S&P SMALLCAP 600 INDEX -- August 1, 2006
COMPANY GICS ECONOMIC SECTOR GICS SUB-INDUSTRY
ADDED Keystone Automotive Consumer Discretionary Distributors
DELETED Russell Consumer Discretionary Apparel, Accessories
& Luxury Goods
Additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment
merits of the companies concerned.
About Standard & Poor's
Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), is the world's foremost provider of
independent credit ratings, indices, risk evaluation, investment research and data. With approximately 6,300 employees
located in 21 countries and markets, Standard & Poor's is an essential part of the world's financial infrastructure
and has played a leading role for more than 140 years in providing investors with the independent benchmarks they
need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide
needs in the financial services, education and business information markets through leading brands such as Standard
& Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than
290 offices in 38 countries. Sales in 2005 were $6.0 billion. Additional information is available at http://www.mcgraw-hill.com/.
Source: Standard & Poor's