Standard & Poor's said Motorola Mobility Holdings Inc. (MMI)
would replace Meredith Corp. (MDP) in the S&P 500 index,
effective after Jan. 3.
That date is the last day Motorola Inc. (MOT) is expected to
trade before it splits into two companies: Motorola Mobility,
consisting of its consumer-focused smartphone and set-top box
business, and Motorola Solutions, which will hold on to the
company's business mobile and networks divisions.
In October, Motorola reported its third-quarter profit soared as
it sped the release of new smartphones using Google Inc.'s (GOOG)
Android software. Motorola has bet heavily that its lineup of
Android devices would rejuvenate its flagging mobile devices
business--a move that is starting to pay off.
Meredith will be moved into the S&P MidCap 400 Index, which
the agency said was a better fit given its $1.6 billion market
value.
Neither stock was active in after-hours trading following the
announcement.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com