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Short Take: Sprint PCS to join S&P 500

Standard & Poor's said Sprint PCS Group stock will replace Armco in the S&P 500 index. Shares of Sprint PCS, the wireless division of long-distance carrier Sprint, were separated from Sprint's core stock in order to track the performance of the company's wireless phone business. Sprint PCS will be added to the S&P 500 telecommunications industry group, according to a Reuters report.

Standard & Poor's said Sprint PCS Group stock will replace Armco in the S&P 500 index. Shares of Sprint PCS, the wireless division of long-distance carrier Sprint, were separated from Sprint's core stock in order to track the performance of the company's wireless phone business. Sprint PCS will be added to the S&P 500 telecommunications industry group, according to a Reuters report.