Applied Micro To Join S&P 500 Index
SAN DIEGO (AP) _ Applied Micro Circuits Corp. will be added to the Standard & Poor’s 500 Index after the close of trading Dec. 29.
``We are pleased to be included in the prestigious S&P 500 index,″ Dave Rickey, Applied Micro Circuits’ chairman, president and CEO, said in a statement Wednesday.
The San Diego-based company designs and manufactures integrated circuits for fiber optic telecommunications systems. The company’s chips are used to control the high-speed flow of transmissions through fiber-optic telephone networks around the world.
A listing on the S&P 500 tends to push up a company’s stock price because some funds are purchased based on the credit agency’s ratings.
Applied Micro was down $5.44 on the Nasdaq, or 8.8 percent, to close Wednesday at $56.12.