S&P Adds Snyder to MidCap Index
The index, compiled by Standard & Poor's Corp., New York, measures the performance of mid-sized companies. It consists of 400 domestic stocks chosen for market size, liquidity and industry group representation.
While there are no residual benefits to inclusion on the list, the company's selection is an acknowledgment of its standing in the industry, said Victor Mandel, direct marketing equity analyst at Goldman Sachs & Co.
"Snyder's inclusion is a reaffirmation of the status, size and visibility that the company has achieved," he said.
The news had a short-term effect on stock prices, with Snyder closing up 1 13/16 at 37 1/16, on Oct. 28 when the news was announced.