Shares of Computer Sciences Corporation climbed more than 5 percent Wednesday afternoon, reaching a 52-week intraday high, on news that the company will be joining the S&P 500.
The stock was trading around $73 per share after peaking at $74.92 on Wednesday. With the day’s gains, shares are up more than 20 percent for the year.
Virginia-based Computer Sciences will replace Southwestern Energy in the S&P MidCap 400, and the switch will take place prior to market open on April 4, according to a Tuesday press release.
The information technology company is about to increase its market capitalization, through a deal that’s expected to close prior to market open on April 3, the release said.
Computer Sciences has announced it will acquire enterprise services business Everett, which Hewlett Packard Enterprise is spinning off. Hewlett Packard Enterprise will still remain in the S&P 500, post spin-off.
Shares of Southwestern Energy climbed nearly 3 percent on Wednesday’s announcement. The S&P 500 was up less than half a percent ahead of market close.
Source: FactSet