NEW YORK (AP) — S&P Dow Jones Indices says that clothing maker PVH Corp. will replace Big Lots Inc. in the S&P 500, noting that the discount retailer’s market capitalization has fallen below $2 billion.
Columbus, Ohio-based Big Lots will take PVH’s former spot in the S&P MidCap 400. Big Lots’ shares have tumbled over the past several months, hurt by disappointing financial results and news of federal investigations into stock trades made by its chief executive. Since cutting its sales guidance in April, the company’s shares have lost about 28 percent of their value.
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