Shares of Computer Sciences Corporation (CSC) climbed more than 5 percent Wednesday afternoon, reaching a 52-week intraday high, on news that the company will be joining the S&P 500.
The stock closed the day around $73 per share after peaking at $74.92. With the day's gains, shares are up more than 22 percent for the year.
Virginia-based Computer Sciences will replace Southwestern Energy (SWN) in the S&P MidCap 400, and the switch will take place prior to market open on April 4, according to a Tuesday press release.
The information technology company is about to increase its market capitalization, through a deal that's expected to close prior to market open on April 3, the release said.
Computer Sciences has announced it will acquire enterprise services business Everett, which Hewlett Packard Enterprise (HPE) is spinning off. Hewlett Packard Enterprise will still remain in the S&P 500, post spin-off.
Shares of Southwestern Energy climbed roughly 3 percent on Wednesday's announcement. The S&P 500 closed the day up less than half a percent.
Computer Sciences year-to-date performance