Stamford-Based Pitney Bowes Exits S&P 500

STAMFORD, CT — Stamford-based Pitney Bowes is moving from the S&P 500 index to the MidCap 400 as its market capitalization dropped.

Pitney Bowes was near the bottom of the S&P 500 index in terms of its market capitalization and will be replaced by CBOE Holdings Inc, according to the S&P Dow Jones Indices.

"Pitney Bowes is ranked near the bottom of the S&P 500 and has a market capitalization more representative of the mid-cap market space," S&P Down Jones Indices said in a statement.

Pitney Bowes market capitalization is about $2.5 billion, which is below the S&P guideline of $5.3 billion, according to the Greenwich Time. The company reached its market cap peak in 1998 at $18 billion and has declined since then.

Pitney Bowes offers location intelligence, customer engagement and other office solutions to its customers.

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