(C) Reuters. FILE PHOTO: A shuttered Macy’s store and empty parking lot are seen at the closed Palisades Center shopping mall during the coronavirus outbreak in West Nyack
(Reuters) – Macy’s Inc (N:M) will be removed from the benchmark S&P 500 stock index (SPX), the S&P Dow Jones Indices said on Tuesday, as coronavirus-induced store closures compound the retail sector’s struggles with a shift to online shopping.
The company’s shares have plunged more than 70% so far this year, leaving Macy’s with a market value of $1.52 billion as of Tuesday’s close, according to Refinitiv IBES data.
“Macy’s has a market capitalization more representative of the small-cap market space,” S&P said, adding that the company would become part of the S&P small-cap 600 index, effective April 6.
Macy’s will be replaced in the S&P 500 by air conditioning company Carrier Global Corp .
That deal is expected to close on April 3.
Raytheon will be replaced in the S&P 500 by United Technologies’ elevator unit Otis Worldwide Corp , according to a statement from the S&P Dow Jones Indices.
Macy’s to drop from S&P 500 to small-cap index
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