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NEW YORK - Shares of Winn-Dixie Stores, Inc. tumbled yesterday after Standard & Poor's said it would drop the grocery store chain from its S&P 500 index later this week.
The rating agency announced late Monday that Freescale Semiconductor, Inc., which is being spun off from cell phone maker Motorola, Inc., will replace Winn-Dixie in the index after the closing bell Thursday.
At the market's close last Friday, Winn-Dixie ended the session four cents higher at $4.08, bringing its market capitalization to $580 million and ranking the company last of the 500 stocks tracked by Standard & Poor's index. The stock, which has traded below $10 since September 2003, closed yesterday at $4 on the New York Stock Exchange, down 41 cents from the previous day.