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Sign of the Times: Netflix Added, New York Times Dropped From S&P 500
December 11, 2010
Standard and Poor’s has replaced the New York Times with the growing Internet movie retailer Netflix on the S&P 500, the economic index made up of the economy’s most powerful publicly traded companies.
The change will take effect after the close of trading on Dec. 17.
“We adjust the guidelines from time to time when the whole market goes up or down. Some companies grow very fast…and end up being in a better postion for 500. There’s also companies that grow very slowly and they end up being in a much better position if they move out of the big cap,” said David Blitzer, managing director and chairman of Standard and Poor’s index committee.
Netflix, publicly traded since 2002, is worth $10.2 billion. The New York Times is worth $1.4 billion.
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