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NEW YORK - Standard & Poor's said Tuesday that it would drop laggard real estate investment trust General Growth Properties Inc. from the S&P 500 index and replace it with biopharmaceutical company Cephalon Inc.
The change would be made after the close of trading on Wednesday.
Chicago-based General Growth, the second largest U.S. mall operator, warned Tuesday it may file for bankruptcy and its shares plummeted 64 percent in regular trading.
At the close it had a market value of $128 million, ranking 500th on the index.
Frazer, Penn.-based Cephalon, which makes Provigil for patients with narcolepsy, meanwhile saw its shares rise 43 cents in a down market Tuesday to $72.43.
Replacing Cephalon on the S&P MidCap 400 index after Friday's close will be Houston-based oil and gas driller Mariner Energy Inc.
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