From Schaeffer’s Daily Market Blog
VAN BUREN TOWNSHIP, MI — Standard & Poor’s announced it is removing auto parts maker Visteon Corp. from the S&P 500 Index (SPX) due to low market capitalization. CBS Corp. will replace Visteon on the broad-market indicator.
Stocks dropped from the SPX usually take a hit as many fund managers are required to prune them from portfolios. Technically, Visteon has shed more than 40 percent since September. Wall Street is in a holding pattern, as 10 of the 11 covering analysts rate the shares a “hold.”
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