Standard & PoorÂ's on Thursday said Simon Property Group will replace Conexant Systems Inc. in the S&P 500 Index, on a date to be announced later.
Communications chip maker Conexant Systems is spinning off its wireless business and merging its remaining operations with Alpha Industries Inc.AHAA.O to create Skyworks Solutions Inc., whose stock will trade on Nasdaq.
Simon Property Group is a real estate investment trust that owns, manages and builds regional malls and shopping centers.
On Thursday, Conexant shares finished the Nasdaq trading session down a penny at $3.77. Simon PropertyÂ's stock gained 16 cents to close at $35.25 on the New York Stock Exchange.