General Electric Co (NYSE:GE) is set to spinoff its power and renewable energy business GE Vernova next week with the company slated to join the S&P 500 upon its debut.
The spinoff is set to take place before the open of US financial markets on Tuesday, April 2 with GE Vernova to commence trading on the New York Stock Exchange under the ticker symbol “GEV.”
GE Vernova’s shares are already trading on a “when-issued” basis on the NYSE under the ticker symbol “GEV WI”. They traded at $133.75 on Thursday morning.
The stock will be added to the S&P 500 before the market opens on Tuesday, replacing Dentsply Sirona, which in turn is moving to the S&P MidCap 400.
Following the spinoff and GE’s name change to GE Aerospace, the parent company will remain in the S&P 500 and S&P 100.
Also joining the S&P 500 next week is multinational conglomerate 3M Co (NYSE:MMM)'s healthcare spinoff Solventum.
It will replace VF Corp (NYSE:VFC, ETR:VFP), which is moving to the S&P SmallCap 600, before trading commences on Monday, April 1.
Parent 3M will remain in the S&P 500 and S&P 100.