Facebook is slated to replace Infosys on the Nasdaq-100 Index next week.
The more than 1 billion user social network will take the slot on the index, now held by the India-based business technology company, before the start of trading on Dec. 12. The move comes nearly seven months after Facebook's $16 billion initial public offering.
The Nasdaq-100 includes the 100 largest non-financial securities trading publicly. Facebook, with its $30 billion market capitalization, was a clear candidate for the index. Infosys has a market capitalization worth just over $24 billion.
The Nasdaq previously barred companies from the list until after a two-year waiting period, but the market in April shortened that to three months.
A Bloomberg report citing unnamed sources said the truncated wait time was a negotiating point with Facebook as the company considered listing on the Nasdaq or the New York Stock Exchange.
Facebook stock prices rose nearly 1 percent to $27.73 on Wednesday afternoon.
Source: http://www.thewrap.com/media/column-post/facebook-usurp-infosys-nasdaq-100-68016
Ehrinn Cummings Jamie Gunns America Ferrera
Source: http://rodelscuebe.typepad.com/blog/2012/12/facebook-to-replace-infosys-on-nasdaq-100.html
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