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Retailer Macy's Inc. (NYSE:M) will be removed from the S&P 500 Index later this week, S&P Dow Jones Indices announced late Tuesday.
What Happened
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The Cincinnati-based company will instead become a part of the S&P SmallCap 600 Index on Friday.
"Macy's has a market capitalization more representative of the small-cap market space," S&P Dow Jones Indices said in a statement. The retailer's stock is down 70.6% year-till-date and has been reduced to a market cap of $1.5 billion.
United Technologies Corp. (NYSE:UTX), which is merging with Raytheon Co. (NYSE:RTN) to form a new entity Raytheon Technologies Corp. (NYSE:RTX), will remain a part of both S&P 500 and S&P 100 under its new name.
The conglomerate's spinoffs Carrier Global Corp. (NYSE:CARR) and Otis Worldwide Corp. (NYSE:OTIS) will both become a part of the S&P 500 index as well, replacing Macy's and Raytheon Co.
The novel coronavirus (COVID-19) pandemic has significantly impacted the business of retailers, including Macy's. The company on Monday announced it would furlough a majority of its employees as its stores across the United States remain shut, and sales have dropped drastically.
Price Action
Macy's shares closed 8.57% lower at $4.91 on Tuesday and traded another 1.43% lower at $4.84 in the after-hours market.
Photo Credit: Paulo JC Nogueira via Wikimedia.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.