Unisys, Bed Bath & Beyond slide after removal from small-cap index

Reuters

NEW YORK (Reuters) – Shares of IT services firm Unisys Corp tumbled 16.7% on Monday and shares of embattled home goods retailer Bed Bath & Beyond Inc fell about 4% after it was announced they will be removed from the small-cap S&P 600 index in two weeks.

S&P Dow Jones Indices, a unit of S&P Global Inc, made the announcement after markets closed on Friday to coincide with the quarterly rebalancing of its indexes, including the large-cap S&P 500 and mid-cap S&P 400.

Shares of Unysis have fallen 80% over the past 12 months. As of Friday, the company’s market capitalization was $330.9 million, according to Refinitiv data, or less than the $850 million market cap required for inclusion in the small-cap index.

Unysis shares were trading at $4.065.


Bed Bath & Beyond’s stock is down 43% since the end of December and was trading at about $1.435 a share on Friday, down from a 12-month high of $30.06 on March 7, 2022. Its market cap as of Friday was $174.1 million.

About a month ago, the company said it raised about $225 million of equity and may obtain another $800 million over the next 10 months as it fights to stave off bankruptcy.

Other notable changes to take effect March 20 was the addition to the S&P 500 of credit-scoring services firm Fair Isaac Corp to replace telecom company Lumen Technologies Inc, which is moving to the small-cap index.

Fair Isaac shares rose 0.25% to $707.01, on track to mark a record closing high, while Lumen shares bounced off near-record lows, up 4.57% at $3.315 a share.

(Reporting by Herbert Lash; additional reporting by Lance Tupper; Editing by Leslie Adler)

tagreuters.com2023binary_LYNXMPEJ250NP-BASEIMAGE

You appear to be using an ad blocker

Shore News Network is a free website that does not use paywalls or charge for access to original, breaking news content. In order to provide this free service, we rely on advertisements. Please support our journalism by disabling your ad blocker for this website.