Latest S&P Change: Out With Leveraged Buyouts, In With Spam

We missed this last week, but S&P did a little housecleaning with its indices. The most symbolic change: Spam maker Hormel (HRL) is in, replacing American Capital Ltd. (ACAL) a publicly traded PE firm. It’s hard to imagine a switch more telling than that.

For what it’s worth, Hormel hasn’t been a gigantic winner, but it is up about 28% since its December lows.

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