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May, 2002 : Standard & Poor's Remove WorldCom from S&P 500
📅 - Standard & Poor's (standardandpoors.com) said late yesterday it had removed telecommunications firm WorldCom from its S&P 500 index.
The global financial research and analysis firm said it was removing WorldCom due to a "lack of representation," a release from Standard & Poor's read. "Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company." WorldCom will be replaced by Apollo Group, which provides higher education programs for working adults. Shares WorldCom fell sharply on the news, and were trading at $1.12 Tuesday morning.
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