Amentum to replace Bath & Body Works on S&P 500

By Bill Peters

Bath & Body Works 'is no longer representative of the large-cap market space,' S&P Dow Jones Indices says

The engineering and tech-services firm Amentum will replace home-goods and fragrance chain Bath & Body Works on the S&P 500 at the end of the month, S&P Dow Jones Indices said Tuesday.

Amentum will take a spot on the index before the market opens on Monday, Sept. 30. Bath & Body Works (BBWI) will be moved to the S&P SmallCap 600 prior to the start of trading on the following day.

Bath & Body Works, in turn, will replace Movado Group Inc. (MOV) in the S&P SmallCap 600.

S&P Dow Jones Indices, in a statement, said that Jacobs Solutions Inc.(J), a consulting and professional services firm, was spinning off two segments - its critical-mission solutions segment and cyber-intelligence business - that will merge with Amentum to form a new publicly traded company, Amentum Holdings. That deal is expected to be completed on Sept. 30.

S&P Dow Jones Indices said that company will trade on the New York Stock Exchange under the ticker "AMTM." That company will work with government agencies across a variety of fields, such as defense, space and energy.

S&P Dow Jones Indices said Bath & Body Works "is no longer representative of the large-cap market space and Movado is no longer representative of the small-cap market space."

Shares of Bath & Body Works have fallen 30.3% year to date and 5% over the past 12 months. In its most recent quarter, sales slipped, and management said that shoppers remained "cautious and value-seeking," following a run-up in prices for more essential needs over the past two years.

Bath & Body Works' stock was down 0.2% after hours on Tuesday, after finishing regular trading 0.9% lower.

Palantir Technologies Inc. (PLTR) and Dell Technologies Inc. (DELL) joined the S&P 500 Index on Monday.

-Bill Peters

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09-24-24 1847ET

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