On Wednesday, Shares of Cousins Properties Inc (NYSE:CUZ), SUBTRACT -2.11% and closed at $10.19 in the last trading session. The last trading range of the stock ranges between $10.10 and $10.50. S&P Dow Jones Indices will make the following changes to the S&P MidCap 400 and S&P SmallCap 600 indices:
- S&P SmallCap 600 constituent Cousins Properties Inc. (CUZ) will replace Community Health Systems, Inc. (CYH) in the S&P MidCap 400, Community Health Systems will replace Cousins Properties, and Ollie’s Bargain Outlet Holdings, Inc. (OLLI) will replace Parkway Properties Inc. (PKY) in the S&P SmallCap 600 after the close on Wednesday, October 5. Cousin Properties is acquiring Parkway Properties in a deal expected to be accomplished soon pending final conditions. Cousins Properties will have GICS change to Office REITs following the merger. Community Health Systems is ranked near the bottom of the S&P MidCap 400 and has a market capitalization more representative of the small-cap market space.
- Parkway Inc (PKY) will replace VOXX International Corp (VOXX) in the S&P SmallCap 600 after the close on Friday, October 7. Newly added S&P MidCap 400 constituent Cousins Properties Inc. is spinning off Parkway Inc. in a transaction that is expected to be accomplished by Thursday, October 6 pending final conditions. Cousins Properties will remain in the S&P MidCap 400 post spin off. Voxx International is ranked near the bottom of the S&P SmallCap 600 and is no longer representative of the small-cap market space.
- Cousins Properties, a real estate investment trust (REIT), owns, develops, and manages real estate portfolio. Headquartered in Atlanta, GA, the company will be added to the S&P MidCap 400 GICS (Global Industry Classification Standard) Office REITs Sub-Industry index.
BB&T Corporation (NYSE:BBT), jumped 1.46% and closed at $38.84 in the last trading session. The last trading range of the stock ranges between $38.38 and $38.99. The company’s Market capitalization is $32.20 Billion with the total Outstanding Shares of 814.50 Million. BB&T Corporation (BBT) recently declared it has reached a contract with the United States Department of Justice (DOJ) that settles certain legacy mortgage matters involving the origination of mortgage loans insured by the U.S. Department of Housing and Urban Development’s Federal Housing Administration (FHA).
BB&T fully cooperated with all agencies involved in this matter. The inquiry was settled for $83 million without any admission of liability to avoid the cost and uncertainty of potential litigation. The investigation, potential claims and estimated potential net exposure to losses were formerly revealed. The settlement will have no negative effect on BB&T’s financial condition or results of operations as a result of previous accruals totaling $85 million. In a related matter, BB&T is pursuing a potential recovery of about $70 million.
Xerox Corp (NYSE:XRX), gained 1.32% and closed at $9.97 in the last trading session. The last trading range of the stock ranges between $9.88 and $10.03. During the 52-week trading session the minimum price at which share price traded, registered at $8.48 and reached to max level of $11.39. Following the separation of Xerox (XRX) into two companies, Conduent Incorporated, the new business process services company, will trade on the New York Stock Exchange (NYSE) under the symbol CNDT. Xerox will continue to trade on the NYSE as XRX.
“Our separation into Xerox and Conduent will create two independent, Fortune 500-scale, publicly traded companies with distinct and compelling investment propositions and differentiated financial profiles, growth drivers and business prospects,” said Ashok Vemuri, recently designated CEO of Conduent. “The New York Stock Exchange has long offered the premiere venue for the world’s best companies to drive shareholder value. We believe this is the best exchange for each of these industry leaders to build its long-term shareholder base.”
“We’re delighted to welcome Conduent to the NYSE’s community of esteemed companies and thank Xerox, an iconic global leader, for its continued listing since 1961,” said Tom Farley, President, NYSE Group. “The NYSE is happy to be the listing venue for Xerox and Conduent, and we look forward to delivering the superior market quality, global visibility and best-in-class issuer services that are associated with the NYSE’s proven model and value proposition.”