NEW YORK, Jan. 21, 2020 /PRNewswire/ -- CIT Group Inc. (NYSE:CIT) will replace Tanger Factory Outlet Centers, Inc. (NYSE:SKT) in the S&P MidCap 400 and Tanger Factory Outlet Centers will replace McDermott International, Inc. (NYSE:MDR) in the S&P SmallCap 600 effective prior to the open of trading on Monday, January 27. McDermott International announced it will file today to reorganize under Chapter 11 of the U.S. Bankruptcy Code.
CIT Group Inc. provides banking and related services to commercial and individual customers. Headquartered in New York, NY, the company will be added to the S&P MidCap 400 GICS (Global Industry Classification Standard) Regional Banks Sub-Industry index.
Tanger Factory Outlet Centers operates and owns, or has an ownership interest in, a portfolio of 39 upscale outlet shopping centers. Headquartered in Greensboro, NC, the company will be added to the S&P SmallCap 600 GICS Retail REITs Sub-Industry index.
Following is a summary of the changes:
S&P MIDCAP 400 INDEX – January 27, 2020 |
| COMPANY | GICS ECONOMIC
SECTOR | GICS SUB-INDUSTRY |
ADDED | CIT Group | Financials | Regional Banks |
DELETED | Tanger Factory
Outlet Centers | Real Estate | Retail REITs |
S&P SMALLCAP 600 INDEX – January 27, 2020 |
| COMPANY | GICS ECONOMIC
SECTOR | GICS SUB-INDUSTRY |
ADDED | Tanger Factory
Outlet Centers | Real Estate | Retail REITs |
DELETED | McDermott
International | Energy | Oil & Gas Equipment &
Services |
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