J.C. Penney to Be Replaced in S&P 500 by Allegion
J.C. Penney Co. (NYSE:JCP): Current price $9.24
As if the historic department store has not had enough problems, now its stock will be replaced on the S&P 500 by Allegion. J.C. Penney shares will be moved to the S&P MidCap 400, replacing the teen retailer Aeropostale, which will move to the S&P SmallCap 600. Shares of J.C. Penney at first trading on Monday lost another 1 percent on the news but have now moved back up by more than 4 percent. After the close on November 29, S&P Dow Jones Indices said that J.C. Penney will be supplanted in the S&P 500 by the mechanical and electronic security firm Allegion, which is being spun off from Ingersoll-Rand.
Intel Corp. (NASDAQ:INTC): Current price $23.58
Intel President Renee James, acknowledging that tech companies are looking beyond traditional smartphones, PCs, and tablets to push growth in the next decade, says that her company wants to be ahead of the curve, according to The Wall Street Journal. Intel is currently working to create chips that can be employed in wearable devices and is centering more on software and services to drive growth. The changes are significant because Intel anticipates that revenue in 2014 will be flat due to weak PC sales.
ADT Corp. (NYSE:ADT): Current price $41.06
ADT shares are down by more than 8 percent on Monday after the firm announced that it reached an agreement to buy back 10.24 million shares of common stock beneficially owned by Corvex Management LP at a purchase price of $44.01 apiece. The purchase price is the same as the closing price on Friday. Besides this, Keith Meister, the founder and managing partner of Corvex, has submitted his resignation from ADT’s board, effective immediately. Following the repurchase, Corvex will continue to own a significant number of shares.