Unisys, Bed Bath & Beyond slide after removal from small-cap index

Unisys, Bed Bath & Beyond slide after removal from small-cap index

NEW YORK, March 6 (Reuters) – Shares of IT services firm Unisys Corp tumbled 16.7% on Monday and shares of embattled home goods retailer Bed Bath & Beyond Inc fell about 4% after it was announced they will be removed from the small-cap S&P 600 index (.SPCY) in two weeks.

S&P Dow Jones Indices, a unit of S&P Global Inc (SPGI.N), made the announcement after markets closed on Friday to coincide with the quarterly rebalancing of its indexes, including the large-cap S&P 500 (.SPX) and mid-cap S&P 400 (.IDX).

Shares of Unysis (UIS.N) have fallen 80% over the past 12 months. As of Friday, the company’s market capitalization was $330.9 million, according to Refinitiv data, or less than the $850 million market cap required for inclusion in the small-cap index.

Bed Bath & Beyond’s (BBBY.O) stock is down 43% since the end of December and was trading at about $1.435 a share on Friday, down from a 12-month high of $30.06 on March 7, 2022. Its market cap as of Friday was $174.1 million.

About a month ago, the company said it raised about $225 million of equity and may obtain another $800 million over the next 10 months as it fights to stave off bankruptcy.

Other notable changes to take effect March 20 was the addition to the S&P 500 of credit-scoring services firm Fair Isaac Corp (FICO.N) to replace telecom company Lumen Technologies Inc (LUMN.N), which is moving to the small-cap index.

Fair Isaac shares rose 0.25% to $707.01, on track to mark a record closing high, while Lumen shares bounced off near-record lows, up 4.57% at $3.315 a share.

Reporting by Herbert Lash; additional reporting by Lance Tupper; Editing by Leslie Adler

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