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Tesla to replace Apartment Investment and Management in S&P 500 – MarketWatch

The mystery is over: The company leaving the S&P 500 index to make room for Silicon Valley juggernaut Tesla Inc. is Apartment Investment and Management Co.

Tesla
TSLA,
-2.72%

is set to join the S&P 500
SPX,
-0.13%
,
the broader U.S. equity benchmark, in a little over a week on Dec. 21, at which point Apartment Investment and Management
AIV,
-0.49%
,
a real estate investment trust, slides to the S&P 400 Mid Cap index
MID,
+0.17%
,
index manager S&P Dow Jones Indices said late Friday.

Related: Tesla’s market cap zooms past $600 billion

Tesla will also join the S&P 100
OEX,
-0.00%
,
replacing Occidental Petroleum Corp.
OXY,
-1.97%

Occidental will remain in the S&P 500, S&P Dow Jones Indices said.

Apartment Income REIT Corp., which Apartment Investment and Management is spinning off, will replace coffee and doughnut chain Dunkin’ Brands Group Inc.
DNKN,
-0.03%

in the S&P Mid Cap 400.

See also: Tesla stock to be added all at once to S&P 500

The spinoff is expected to be completed on Monday, and past that Apartment Investment and Management “will no longer be representative of the S&P Composite 1500 indices market cap ranges,” the index manager said.

Arby’s owner Inspire Brands Inc. is acquiring Dunkin’ Brands an offer expected to expire on or about Tuesday.

S&P said that Tesla would be joining the S&P 500 last month. The move puts Tesla automatically in the portfolios of countless index-tracking funds, cascading down to managed funds that will have to rebalance its portfolios.

Don’t miss: Tesla joining the S&P 500 is ‘mother of all’ stock-market events

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