The GE and 3M spinoffs will join the index in the coming days
Newly minted GE Vernova and Solventum Corp., both soon to be officially spun off from two industrial giants, are hitting it big early: They are joining the S&P 500 index next week.
GE Vernova GEV.WI, +14.13% is the renewable-power-generation company that will stand alone after next week’s split of General Electric Co. GE, +3.79% into GE Aerospace and GE Vernova. Solventum SOLV.WI, -6.25% is the spinoff of 3M’s healthcare business, to be completed next week as well.
Solventum will be added to the S&P 500 SPX before the open on Monday, replacing apparel and sportswear maker V.F. Corp. VFC, +5.82%, S&P Dow Jones Indices said late Wednesday. 3M MMM, +1.91% will remain in the S&P 500 and the S&P 100.
V.F. Corp., whose brands include JanSport, The North Face and Timberland, will move to the S&P SmallCap 600 at the open on Wednesday, April 3. It is “no longer representative of the large-cap market space,” S&P Dow Jones said.
GE Vernova will be added to the S&P 500 before the open on Tuesday, replacing Dentsply Sirona Inc. XRAY, +3.00%, which will move to the S&P MidCap 400 at the open on April 3. Dentsply Sirona is a dental products maker and also got the “not representative” ding.
GE, which will become GE Aerospace, also will remain in the S&P 500 and the S&P 100.
Recent headline-grabbing moves in and out of the S&P 500 and the Dow Jones Industrial Average, the premier U.S. stock market indexes, include last month’s DJIA addition of Amazon.com Inc. AMZN, +0.86% and the S&P 500’s addition of Kenvue KVUE, +2.48%, a spinoff of Johnson & Johnson JNJ, +1.41%, in August.