Pepsico Spinoff Triggers Changes in S&P 500 and S&P SmallCap 600 Indexes

Pepsico Spinoff Triggers Changes in S&P 500 and S&P SmallCap 600 Indexes

New York, NY, September 29, 1997 – Because of PepsiCo, Inc.’s spinoff of its restaurant businesses, Standard & Poor’s Financial Information Services will make the following changes in the S&P 500 and S&P SmallCap 600 Indexes after the close of trading on Monday, October 6, 1997.

  • Tricon Global Restaurants, Inc. (YUM) – which will consist of the KFC, Pizza Hut and Taco Bell chains now owned by S&P 500 component PepsiCo, Inc., (PEP) – will distribute to its shareholders one share of Tricon for every 10 PepsiCo shares held on that date.
  • In order to add Tricon to the S&P 500, The Stride Rite Corporation (SRR) will be transferred to the S&P 600 Index, where it will replace CellPro, Inc. (CPRO).  CellPro will not be added to another S&P Index at that time.

Tricon Global Restaurants will be added to the S&P 500 Restaurants industry group.  Stride Rite will be added to the S&P SmallCap 600 Footwear Industry group.

Following is a summary of the announced changes:

S&P 500 INDEX – OCTOBER 6, 1997
COMPANY ECONOMIC SECTOR INDUSTRY GROUP
ADDED Tricon Global Restaurants, Inc. Consumer Staples Restaurants
DROPPED The Stride Rite Corporate Consumer Cyclicals Footwear
S&P SMALLCAP 600 INDEX – OCTOBER 6, 1997
COMPANY ECONOMIC SECTOR INDUSTRY GROUP
ADDED The Stride Rite Corporation Consumer Cyclicals Footwear
DROPPED CellPro, Inc. Health Care Biotechnology

Standard & Poor’s Financial Information Services, a division of The McGraw-Hill Companies, provides financial, economic and investment information, as well as analytical services, to the global financial community and commodity trading markets.

Standard and Poor’s calculates and maintain the S&P 500, S&P MidCap 400, S&P SmallCap 600 and the S&P Composite 1500 stock price indexes, which are widely considered key barometers of stock market activity and performance benchmarks for professional money managers.  Approximately $600 billion is currently indexed to the S&P 500.  Company additions to and deletions from the S&P equity indexes do not in any way reflect an opinion on the investment merits of the company.

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