Index Shuffling: Concho Resources To Replace Plum Creek Timber In The S&P 500 Index

Shares of Concho Resources Inc (NYSE: CXO) were trading higher by more than 6 percent early Wednesday morning after S&P Dow Jones Indices announced the company's stock will be added to its S&P 500 index.

Concho Resources will replace Plum Creek Timber Co. Inc. (NYSE: PCL) after the close of trading on Friday. Plum Creek has agreed to sell itself to Weyerhaeuser Co (NYSE: WY) and the transaction is expected to close by Friday.

Concho Resources is an independent oil and natural gas company with a market cap of $11.50 billion.