GE HealthCare to join S&P 500 after spinoff from General Electric – Milwaukee Business Journal – The Business Journals

GE HealthCare Technologies Inc. will be added to the S&P 500 when the stock begins trading as a stand-alone company on Jan. 4, 2023.
General Electric Co. (NYSE: GE) will spin off the business now known as GE Healthcare in a transaction expected to be completed after stock market closes on Jan. 3. The new stock, under the name GE HealthCare, will trade on Nasdaq with the symbol “GEHC.”
GE HealthCare, which has major operations in metro Milwaukee and Madison, will replace Vornado Realty Trust (NYSE: VNO), which will move to the S&P MidCap 400 effective prior to the open of trading on Jan. 5, according to S&P Dow Jones Indices.
The S&P 500 is considered an essential benchmark index for the U.S. stock market, according to Investopedia. It is composed of 500 large-cap companies across industry sectors.
A GE Healthcare spokesperson said Thursday the company is “thrilled to be added to the S&P 500.”
The health care tech company will recognize its spinoff from General Electric by ringing the opening bell for the Nasdaq stock market on Jan. 4 at the long-standing GE HealthCare Waukesha campus. GE Healthcare president and CEO Peter Arduini is expected to participate during the event in Waukesha.
GE HealthCare employees at the Waukesha campus research, design, develop and manufacture imaging equipment. About one-third of GE Healthcare’s 6,500 Wisconsin employees work at the Waukesha campus.
General Electric shareholders will receive one share of GE HealthCare stock for every three shares owned.
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