NEW YORK (AP) -- S&P Dow Jones Indices says that clothing maker PVH Corp. will replace Big Lots Inc. in the S&P 500, noting that the discount retailer's market capitalization has fallen below $2 billion.
Columbus, Ohio-based Big Lots will take PVH's former spot in the S&P MidCap 400. Big Lots' shares have tumbled over the past several months, hurt by disappointing financial results and news of federal investigations into stock trades made by its chief executive. Since cutting its sales guidance in April, the company's shares have lost about 28 percent of their value.
At the same time, shares of New York-based PVH, which owns the Tommy Hilfiger, Calvin Klein and other clothing brands, have risen about 41 percent and its market capitalization has reached $8.68 billion.
S&P also said late Thursday that software maker CommVault Systems Inc. will replace The Warnaco Group Inc. in the S&P MidCap 400. And wheel and tire supplier Titan International Inc. will replace CommVault in the S&P SmallCap 600.
PVH is acquiring rival clothing maker Warnaco in a deal expected to be completed soon.
S&P also said that life insurance company Primerica Inc. will replace The Shaw Group Inc. in the S&P MidCap 400 after the close of trading on Tuesday. Shaw is being acquired by fellow engineering and construction company Chicago Bridge & Iron Company NV in a deal expected to be completed on or about that day.
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