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S&P 500: Netflix in, Eastman Kodak out

By Hibah Yousuf, staff reporter

NEW YORK (CNNMoney.com) -- It's out with the old and in with the new at the Standard & Poor's 500, as four companies will replace current issues on the benchmark index.

Netflix (NFLX), F5 Networks (FFIV), and energy company Newfield Exploration (NFX) will replace The New York Times (NYT), Eastman Kodak (EK, Fortune 500) and Office Depot (ODP, Fortune 500) on the index, which aims to represent "the leading companies in leading industries" and act as a common proxy for the broader U.S. stock market.

Media giant Cablevision Systems (CVC, Fortune 500) will also join the index, replacing King Pharmaceuticals (KG), which is being acquired by S&P 500 component Pfizer (PFE, Fortune 500)

Shares of the soon-to-be members surged early Friday. Cablevision gained 3.1% and was the biggest gainer among the four companies.

Shares of Netflix were up 2%, and shares of Seattle-based tech company F5 Networks and Houston's energy company Newfield Exploration were up 1%.

Shares of New York Times and Office Depot slipped more than 2%, while King Pharmaceutical's stock edged slightly lower. Shares of Kodak -- which graced the bluest of blue-chip indicators, the Dow Jones industrial average, from 1930 to 2004 -- were up 0.6%.

The changes will be effective after the market closes Dec. 17, and the demoted companies will join the S&P MidCap 400 index.  To top of page

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