Index Shuffling: Concho Resources To Replace Plum Creek Timber In The S&P 500 Index

Shares of

were trading higher by more than 6 percent early Wednesday morning after S&P Dow Jones Indices

the company's stock will be added to its S&P 500 index. Concho Resources will replace

after the close of trading on Friday. Plum Creek has agreed to sell itself to

and the transaction is expected to close by Friday. Concho Resources is an independent oil and natural gas company with a market cap of $11.50 billion.