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S&P Dow Jones Indices has announced a few changes to its constituents as it shuffles the cards for the S&P 500. Perhaps the largest change taking place is that Yahoo! Inc. (NASDAQ: YHOO) is being removed from the S&P 500, followed by J.C. Penney Co. Inc. (NYSE: JCP) being demoted to the SmallCap index.

Apart from this, IHS Market Ltd. (NASDAQ: INFO) will replace Tegna Inc. (NYSE: TGNA) in the S&P 500. At the same time Tegna and Cars.com Inc. (NYSE: CARS) will replace J.C. Penney and Time Inc. (NYSE: TIME) in the S&P MidCap 400. And finally J.C. Penney and Time will replace Tuesday Morning Corp. (NASDAQ: TUES) and Hornbeck Offshore Services Inc. (NYSE: HOS) in the S&P SmallCap 600. Note that these changes will take place prior to the market open on Friday June 2.

Separately, Independence Realty Trust Inc. (NYSEMKT: IRT) will replace Ultratech Inc. (NASDAQ: UTEK) in the S&P SmallCap 600, effective prior to the open on May 30. This is the result of Veeco Instruments Inc. (NASDAQ: VECO) acquiring Ultratech.

As for Yahoo leaving the index, the S&P Dow Jones Indices detailed in a release:

S&P 500 constituent Yahoo! is expected to convert to a publicly traded, non-diversified, closed-end management investment company under the Investment Company Act of 1940, following the expected sale of its operational business to S&P 100 & 500 constituent Verizon Communications Inc. (VZ) in mid-June. Yahoo! will therefore be ineligible for continued inclusion in the S&P 500 following the sale. To take advantage of the expected increased liquidity surrounding the quarterly rebalance, S&P Dow Jones Indices will remove Yahoo! from the S&P 500 effective at the open on Monday, June 19 to coincide with the June 2017 rebalance. A replacement candidate will be announced at a later date with sufficient notice to clients.