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South Florida company replacing Macy’s in S&P 500

Iconic retailer Macy’s was already struggling before the pandemic and now it’s going to be removed from the Standard & Poor’s 500, S&P Dow Jones Indices announced in a press release.

The breakup of United Technologies is resulting in Carrier becoming one of three separately traded public companies with headquarters in Palm Beach County. UTC Climate, Controls & Security is already headquartered at the Center for Intelligent Buildings in Palm Beach Gardens and will be renamed Carrier, which is its well-known air conditioning brand. Carrier had 2017 sales of $17.8 billion in HVAC, refrigeration, fire, security and building automation technologies.
The lobby of Carrier in Palm Beach Gardens.

Carrier Global Corp. (NYSE: CARR), a Palm Beach Gardens company that is being spun off from United Technologies Corp. (NYSE: UTX)  will replace Macy’s and join the S&P 500 prior to trading on Friday. Macy’s will be removed prior to the open of trading on Monday and join the S&P Small Cap 600.

Carrier is a provider of HVAC, refrigeration, fire and security solutions and will be added to the S&P 500 GICS Building Products Sub-Industry index.

Being included in the S&P 500 carries the prestige of being known as one of the nation’s largest companies and leads to inclusion in many mutual funds and ETFs. However, companies in the S&P 500 and other indexes can be subject to the sometimes volatile programmatic trading of indexes and futures.

According to Enterprise Florida, South Florida companies in the S&P 500 are ADT Corp. (NYSE: ADT) of Boca Raton, AutoNation (NYSE: AN) of Fort Lauderdale, Carnival Corp. (NYSE: AN) of Fort Lauderdale, Citrix Systems of Fort Lauderdale (NASDAQ: CTXS), Lennar Corp. (NYSE: LEN) of Miami and Ryder System (NYSE: R) of Miami.

Carrier and Otis Worldwide are being spun off by United Technologies Corp., which is then merging with Raytheon in transactions expected to be completed on Friday. United Technologies will remain in the S&P 500 & 100 indices, but change its name to Raytheon Technologies Corp. and its ticker symbol to RTX.

United Technologies will distribute one common share of Carrier and half a common share of Otis to shareholders of record as of March 19.

The Macy’s at Rosemary Square in West Palm Beach has been torn down with plans for a 21-story apartment building

Macy’s has closed all of its U.S. stores, furloughed almost all its workforce, drawn down its credit line, suspended its dividend, canceled some orders and withdrawn its financial guidance for this year. Macy’s has 20 locations in South Florida and is a key anchor tenant for many shopping centers.

On Wednesday, Fitch Ratings cut Macy’s long-term issuer default rating from BB+ from BBB-, which is Fitch’s lowest investment grade rating. Macy’s shares hit a 52-week low of $4.41 on Wednesday. Its 52-week high was $26.33 on April 5, 2019.

There hasn’t been any sign that department stores, who fall into the non-essential retail category, will get major assistance from federal stimulus measures.

 

 

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.