Jul 18, 2023

J&J spinoff Kenvue to replace Advance Auto Parts on the S&P 500

Kenvue Inc. KVUE, , the maker of Tylenol and Benadryl, will replace auto-parts retailer Advance Auto Parts Inc. AAP, +2.42% on the S&P 500 Index SPX, +0.63%, S&P Dow Jones Indices said on Monday. The move takes hold before the opening of trading on Friday. S&P Dow Jones Indices earlier this month said Kenvue, a spinoff of Johnson & Johnson JNJ, -1.18%, would join the index, but at that time did not disclose the company Kenvue would be replacing. Advance Auto Parts will replace Emergent BioSolutions Inc. EBS, -2.64% in the S&P SmallCap 600, a change that also becomes effective before trading starts on Friday. “As previously announced on August 9, the addition of Kenvue is the result of S&P 500 and S&P 100 constituent Johnson & Johnson offering to exchange the shares of Kenvue held for shares of Johnson & Johnson in a split-off exchange offer that expired on Friday, August 18,” S&P Dow Jones Indices said in a statement. “Advance Auto Parts is more representative of the small-cap market space, and Emergent BioSolutions is no longer representative of the small-cap market space.” Shares of Kenvue were up 1% after hours. Advance Auto Parts fell 0.3%.

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Bill Peters is a Los Angeles-based MarketWatch reporter who covers earnings.