Move should boost stocks
NEW YORK — Barry Diller’s IAC/InteractiveCorp. and News Corp.’s DirecTV will soon be added to the prestigious S&P 500 — a move likely to enhance the companies’ profile with investors.
Standard & Poor’s announced Tuesday that IAC will replace Lucent Technologies on Nov. 30. Lucent is being acquired by Alcatel in a deal expected to close on or about that date.
Satcaster DirecTV will replace Freescale Semiconductor, which is being acquired by a consortium of private equity firms.
The stocks usually get a boost as they join the S&P list since many mutual funds are linked to the S&P 500 index, creating an automatic demand for those securities.
DirecTV shares rose 1.27% Tuesday to close at $22.40.
IAC shares were off 1.34% to $33.77.