SunEdison's Market Cap 'Is No Longer Representative Of The Mid-Cap Market Space'

S&P Dow Jones Indices announced after Wednesday's market close that WebMD Health Corp. WBMD will replace Sunedison Inc SUNE within the S&P MidCap 400 index.

According to the index operator, Sunedison's market cap is ranked at the bottom of the index and has a market capitalization that "is no longer representative of the mid-cap market space."

Related Link: Sunedison Plunges Under $1 Following Report Of SEC Probe, TerraForm Global 8K

Shares of Sunedison have lost nearly 90 percent of its value since the start of 2016 and is trading with a market capitalization of around $80 million versus WebMD's $2.33 billion valuation.

Shares of WebMD were trading higher by nearly 3 percent following the announcement.

S&P Dow Jones Indices also announced that SciClone Pharmaceuticals, Inc. SCLN will replace Affymetrix, Inc. AFFX in the S&P SmallCap 600 index as Affymetrix is set to be acquired by Thermo Fisher Scientific Inc. TMO.