Charter Spikes After Hours, Will Join S&P 500

Shares of Charter Communications, Inc. CHTR were trading almost $10 higher late Wednesday afternoon after it was announced the company will join the S&P 500.

Benzinga Pro newswire users were previously alerted to the news Tuesday afternoon.

Charter will replace EMC Corporation EMC, which was acquired by Dell earlier this year. The deal is expected to close September 7.

Shares of Charter are up 13.1 percent since the closing of the Time Warner Cable deal May 18. The combined firm has a $69 billion market cap, prior to today's after-hours move.

At last check, shares of Charter Communications were up 3.42 percent to $266. The stock closed the regular session at $257.21.

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