Standard & Poor's decides to drop Cooper Tire from the S&P 500

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Standard & Poor's will replace Cooper Tire & Rubber Co. with Windstream Corp. in the S&P 500 after the close of trading on Monday, July 17.

At the close of trading yesterday, Cooper Tire had a market cap of roughly $664 million, ranking 500th in the index. According to Standard & Poor's, additions to and deletions from an S&P equity index "do not in any way reflect an opinion on the investment merits of the companies concerned."

Windstream is the company being formed by the combination of the wireline segment of S&P 500 constituent Alltel Corp. and Valor Communications Group Inc. in a transaction scheduled to be completed on or about that date.

Standard & Poor's, a division of McGraw-Hill Companies, will monitor this transaction, and post any relevant updates on its Web site:

Cooper Tire's stock price on the New York Stock Exchange closed at $10.82 a share on Tuesday, July 11. That compares to a 52-week high and low of $21 and $10.49, respectively.

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