Stocks In News: Kraft Food (KFT), Alpha Natural (ANR), Sandisk Corp (SNDK)

The S&P Dow Jones Indices said on Wednesday, that Kraft Food Group (which is being spun off from Kraft Foods Inc,) will replace Alpha Natural Resources Inc. on the S&P 500.

Kraft Foods Inc will spin off Kraft Foods Group from itself. Kraft Foods Group is a food and beverage business based in Northfield, Ill.

Mondelez International Inc is the new name for Kraft Foods Inc. With a new ticker symbol of “MDLZ” it remains in the S&P 100 and the S&P 500.

Will ANR Continue To Move Higher? Find out Here

Alpha Natural Resources Inc producers of steam and metallurgical coal, replaces Korn/Ferry International in the S&P Midcap 400. Alpha is based in Abingdon, Va.

With more market capitalization of mid-cap and small-cap market, Korn/Ferry is included in the index. Pulse ranking 600 in the S&P Small Cap 600 and is no longer deemed appropriate for inclusion.

The changes will take effect after the market closes on Monday.

Among other actions, InterDigital Inc. will replace Quest Software Inc. on the S&P Midcap 400 after the market closes on Friday. Genesee & Wyoming Inc. is replacing Collective Brands Inc. in the S&P Midcap 400.

Shares of KFT were trading flay, while ANR rose 3%.

Shares of SanDisk Corporation(NASDAQ:SNDK) shares slid over 2% after analyst JMP Securities downgraded the stock to Market Perform from Outperform.

The firm started that - Though fundamentals are moving in right direction, the computing trends and supply constraints has allowed JMP to lower its previous optimistic non-GAAP EPS estimate from $2.10 to $2.00. They are also revising down their FY13 non-GAAP EPS estimate from $4.00 to $3.50 to reflect lower intermediate-term gross margins that may stem from weaker end markets.

Will SNDK Rebound After Today’s Fall? Find Out Here

Samsung to fill excess capacity, Apple (MP) to cover greater percentage of sales, Sandisk Corp trading levels of 13xPE/FY13 is viewed appropriately to cover universe average in low-to mid-teens.

The near-term trading resistance is seen ahead of third quarter of fiscal 2012 because of elevated expectations, recent sluggishness in NAND flash pricing improvements, computing and electronics market weakness, and iPhone 5 supply constraints.