Convergys slides after drop from S&P 500
(12-14) 07:58 PST NEW YORK, (AP) –
Shares of Convergys Corp. declined Monday after Standard & Poor’s said it will be dropping the stock from the S&P 500 at the end of this week.
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Convergys, an outsourcing provider, will be replaced by technical services provider SAIC Inc. S&P said Friday it is making the changes effective after the close of trading Dec. 18.
In late October the company posted a smaller loss than in the same period a year earlier as the renegotiation of a large contract lifted revenue.
Shares of Cincinnati-based Convergys fell 44 cents, or 4 percent, to $10.60 in late morning trading. In the past 52 weeks, the stock has traded between $5.49 and $11.97.