First Niagara Financial Group will be added to the S&P MidCap 400 Index after the close of trading on Friday, replacing a generic drugmaker who is moving up to the S&P 500, ratings agency Standard & Poor's said Wednesday.
The change gives the Lockport-based savings bank more visibility among investors by including it in an index with other prominent companies, such as JetBlue Airways, retailers Pier 1 Imports, Saks, American Eagle Outfitters, BJ's Wholesale Clubs and Aeropostale, bookseller Borders Group, brokerage Legg Mason, and restaurant chain Applebee's International.
The company will also be added to a related, narrower mortgage finance industry index.
First Niagara replaces Barr Pharmaceuticals of Woodcliff Lake, N.J., which moves up to the S&P 500. Barr, in turn replaces Scientific-Atlanta, which is being acquired by Cisco Systems.