Benzinga | Feb 9, 2021 07:03AM EST

S&P 500 To Remove TechnipFMC Post Spin-Off, Add Monolithic Power Systems

* S&P MidCap 400 component Monolithic Power Systems Inc. (NASD: MPWR) will replace TechnipFMC plc (NYSE: FTI) in the S&P 500.

* S&P SmallCap 600 constituent Iridium Communications Inc. (NASD: IRDM) will replace Monolithic Power Systems in the S&P MidCap 400, and Collegium Pharmaceutical Inc. (NASD: COLL) will replace Iridium Communications in the S&P SmallCap 600 effective February 12.

* TechnipFMC was replaced from the S&P 500 index over a potential spin-off of Technip Energies by February 16. Technip Energies is likely to trade in the OTC market.

* Price action: MPWR shares are up 1.86% at $375.48, while FTI shares are down 3.67% at $10.23 in the pre-market session on the last check Tuesday. IRDM shares are down 4.78% at $51.77.