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JC Penney Demoted to the S&P MidCap 400

 (Image source: shopwestfarms.com)

 After the close of the trading session on Black Friday, J.C. Penney Company, Inc. (NYSE:JCP) will be removed from the S&P 500 Index. Allegion PLC (NYSE:ALLE*), a spin-off business unit of Ingersoll-Rand PLC (NYSE:IR) will replace the retailer on the S&P 500 Index.  Allegion is an electronic and mechanical provider of security products. JC Penney’s new home is the S&P MidCap 400. According to S&P, the market cap of the retailer is more in line with companies in the MidCap market. Shares of JC Penney are slight down on the demotions.