Akamai Added to S&P 500

Standard & Poor's said Monday that Akamai Technologies Inc. (AKAM), which provides technology for online content streaming, will replace medical device maker Biomet Inc. in the S&P 500 after the close of trading on Wednesday. Biomet is being acquired and taken private bv a private equity consortium.

In aftermarket trading, shares of Akamai added $2.04, or 4.3 percent, to $49.57. Shares of companies added to the S&P 500 typically see a short-term benefit to their share price, as their inclusion triggers share purchases by index funds that seek to replicate the movements of leading indices like the S&P 500.