NEW YORK, Aug. 6 /PRNewswire/ -- Standard & Poor's will make the following changes to the S&P SmallCap 600:
-- Gulf Island Fabrication Inc. (Nasdaq: GIFI) will replace K2 Inc.
(NYSE: KTO) after the close of trading Wednesday, August 8. K2 is
being acquired by Jarden Corp. (NYSE: JAH) in a deal expected to close
on or about that date, pending final approvals.
-- Pioneer Drilling Co. (Amex: PDC) will replace Inter-Tel Inc.
(Nasdaq: INTL) after the close of trading on a date to be announced.
Inter-Tel is being acquired by Mitel Networks Corp. in a deal that is
still pending final approvals.
Standard & Poor's will monitor these transactions, and post any relevant updates on its website: www.standardandpoors.com.
Gulf Island Fabrication makes offshore drilling and production platforms and other specialized structures used in the development and production of offshore oil and gas reserves. Headquartered in Houma, LA, the company will be added to the S&P SmallCap 600 GICS (Global Industry Classification Standard) Oil & Gas Equipment & Services Sub-Industry index.
Pioneer Drilling provides contract land drilling services to oil and gas exploration and production companies. Headquartered in San Antonio , TX, the company will be added to the S&P SmallCap 600 GICS Oil & Gas Drilling Sub- Industry index.
Following is a summary of the changes:
S&P SMALLCAP 600 INDEX - August 8, 2007
GICS ECONOMIC GICS
COMPANY SECTOR SUB-INDUSTRY
ADDED Gulf Island Fabrication Energy Oil & Gas
Equipment & Services
DELETED K2 Consumer Leisure
Discretionary Products
S&P SMALLCAP 600 INDEX - TBA
GICS ECONOMIC GICS
COMPANY SECTOR SUB-INDUSTRY
ADDED Pioneer Drilling Energy Oil & Gas Drilling
DELETED Inter-Tel Information Communications
Technology Equipment
Additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the companies concerned.
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SOURCE Standard & Poor's
