Springs cut from S & P drops stock
Staff -- Home Textiles Today, 12/11/2000
FORT MILL, SC -Shares of Springs Industries, the only home textiles stock still trading in at double-digit levels, fell sharply last week when the stock, along with two others, was removed from the Standard & Poors S & P 500 Index.
Hard hit by the move, Springs shares fell $4.50, to $23.75 a share from $28.25 over a two-day period, losing almost 19 percent of their value. When the company was removed from the S & P 500, mutual funds and money managers who track that major index were forced to sell their shares in the company, generating the big dip.
Removed at the same time from the S & P 500 was another textile producer, Russell Corp., and camera maker Polaroid Corp. The Gillette Co. will replace Polaroid on the S & P 100.
