Mallinckrodt being removed from S&P 400 as market cap shrinks

Mallinckrodt PLC MNK, +17.61% will be removed from the S&P MidCap 400 index MID, -0.06% as of Sept. 23 as the pharmaceutical company no longer represents a mid-cap stock, S&P Dow Jones Indices said late Friday. Mallinckrodt shares dropped nearly 39% Thursday following a report that the company had hired restructuring advisors ahead of federal opioid trials, but bounced back nearly 18% to close Friday at $1.87 for a market cap of $157 million, according to FactSet data. Other companies leaving the mid-cap index are Signet Jewelers Ltd. SIG, +0.50% and Inc. CARS, +0.11%, with companies such as Etsy Inc. ETSY, -4.23% and Pilgrim’s Pride Corp. PPG, +2.15% joining the index, S&P Dow Jones said.

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