Philip Morris to Join S&P 100, S&P 500

Tobacco company Philip Morris is being spun off by Altria Group Inc. in a deal expected to close next week. Allegheny, a specialty metals producer, will remain in the S&P 500, Standard & Poor's said on Thursday.

In addition, real estate investment trust HCP Inc. will replace Commerce Bancorp Inc. in the S&P 500. The Toronto-Dominion Bank is buying Commerce.

Elsewhere, phone company FairPoint Communications Inc. will replace Coachmen Industries Inc. in the S&P SmallCap 600 on Monday, March 31. FairPoint is buying Verizon Communications Inc.'s land lines and Internet accounts in northern New England.

Coachmen, a recreational vehicle maker, had a market value of about $53 million at the market close Thursday, well below the $300 million required to be in the SmallCap 600.

Shares of Circuit City fell 26 cents, or 5.9 percent, to $4.12 in after-hours electronic trading. The stock had closed up 38 cents, or 9.5 percent, at $4.38 in the regular trading session.

Shares of HCP rose 69 cents, or 2.2 percent to $32.43 after hours.