XTO To Be Replaced By KMX In S&P 500 Index On Friday
Standard & Poor's announced yesterday that CarMax Inc (NYSE: KMX) will replace XTO Energy Inc (NYSE: XTO) ) in the S&P 500 index after the closing bell on Friday this week. XTO’s takeover by Exxon Mobil Inc (NYSE: XOM) is expected to be completed by the same time.
Shares of used car retailer KMX closed at $20 yesterday, down 1.82%. However, the stock soared 5%, to $21, during after-hours trading.
The acquisition deal between XTO and Exxon was announced in December 2009 and was valued at approximately $30 billion at that time. The agreement will help Exxon acquire natural gas assets, as the company strongly believes that the use of natural gas will intensify in the US going forward. XTO’s shareholders will vote on the deal in a special meeting scheduled for Friday.
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