Sprint Spin-Off To Join S&P 500 Index

For those of you who keep track of such things, credit ratings provider Standard & Poor's has announced that it will make a change to the S&P 500. Applied Micro Circuits Corp., Sunnyvale, Calif., is leaving the index and will be replaced by Embarq Corp. after the close of trading on May 17. Embarq is being spun off by Sprint Nextel Corp. That transaction is expected to close on or about May 17.

Standard & Poor's noted that Applied Micro Circuits had a market capitalization of about $1.04 billion at the close of trade on May 10. The minimum market cap required to be added to the S&P 500 is $4 billion.

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