IPG Photonics Corporation (NASDAQ:IPGP) is to replace Scripps Networks Interactive Inc (NASDAQ:SNI) in the S&P 500, it was revealed on Friday evening.
Laser equipment maker IPG will take the place of Scripps, which is being acquired by Discovery Communications Inc (NASDAQ:DISCA), before the start of trading on Wednesday.
Promotion to the S&P 500 should see index-tracking funds acquire the stock over the coming days to ensure their portfolios have the correct weighting of IPG shares; despite this, IPG’s stock dipped slightly in after-hours trading on Friday.
Ironically, Discovery Communications was one of the best performers in after-hours’ trading, rising 1.3%.
Fast food giant McDonald’s Corporation (NYSE:MCD) found few investors were “lovin’ it” on Friday, after RBC Capital slashed its price target, though it recovered a tad in after-hours’ trading.
RBC cut its price target for the stock from US$190 to US$170 after a “disappointing” start to the cholesterol king’s new $1-$2-$3 value menu.
READ McDonald’s price target cut by RBC Capital after “disappointing” start for new $1-$2-$3 value menu
The shares fell 4.8% in regular trading on Friday, which was the worst daily fall for the stock since 2008; the stock was down 9.2% on the week to US$148.27, but recovered to US$148.34 in screen-based trading.