Otis Worldwide, Carrier Added to S&P 500

NEW YORK — Otis Worldwide and Carrier Global have been added to the S&P 500 Index on Friday. Department store chain Macy’s is being booted from the S&P 500 Index due to a decline in stock price.

United Technologies Corp. spun off Otis Worldwide and Carrier Global. They merged with Raytheon in transactions completed Friday. Post spin-off and merger transactions, United Technologies will remain in the S&P 500 & 100 indices and will change its name to Raytheon Technologies Corp. and its ticker symbol to RTX.

Otis Worldwide Corp. (NYSE: OTIS) and Carrier Global Corp. (NYSE: CARR) were added to the S&P 500 prior to the open of trading on Friday, April 3. Otis Worldwide will replace Raytheon Co. (NYSE: RTN), and Carrier Global will replace Macy’s Inc. (NYSE: M) both of which will be removed from the S&P 500 effective prior to the open of trading on Monday, April 6. Also effective on April 6, American Tower Corp. (NYSE: AMT) will replace Raytheon in the S&P 100, and Macy’s will replace KLX Energy Services Holdings Inc. (NASD: KLXE) in the S&P SmallCap 600. Macy’s has a market capitalization more representative of the small-cap market space. KLX Energy is no longer representative of the small-cap market space.

Otis is an elevator and escalator manufacturing, installation and service company. Headquartered in Farmington, CT, the company will be added to the S&P 500 GICS (Global Industry Classification Standard) Industrial Machinery Sub-Industry Index.

Carrier Global is a provider of HVAC, refrigeration, fire and security solutions. Headquartered in Palm Beach Gardens, FL, the company will be added to the S&P 500 GICS Building Products Sub-Industry index.

Macy’s operates retail stores and websites. Headquartered in New York, NY, the company will be added to the S&P SmallCap 600 GICS Department Stores Sub-Industry index.

American Tower, operating as a real estate investment trust (REIT), owns, operates and develops multitenant communications real estate. It is headquartered in Boston MA.

Following is a summary of the changes: