NEW YORK, Sept. 25 /PRNewswire/ -- Standard & Poor's is updating the market cap guidelines for its U.S. indices. Effective today, the new guidelines are:

    -- S&P 500 -- $4 billion or greater
    -- S&P MidCap 400 -- $1.0 billion to $4.5 billion
    -- S&P SmallCap 600 -- $250 million to $1.5 billion

'Standard & Poor's feels that the new market cap ranges for its U.S. indices are appropriate, based on our review of recent market activity, comments from index users and the current U.S. market cap distribution,' says David Blitzer, Managing Director and Chairman of the Index Committee. The guidelines refer to a company's total market capitalization, not its float-adjusted cap.

Standard & Poor's will make the following changes to the S&P MidCap 400 and S&P SmallCap 600 indices:

-- S&P SmallCap 600 constituent Oceaneering International Inc. (NYSE: OII) will replace Cypress Semiconductor Corp. (NYSE: CY) in the S&P MidCap 400, and the Cypress Semiconductor stub (NYSE: CY-wi) will replace Oceaneering International in the S&P SmallCap 600, after the close of trading on Monday, September 29. Cypress Semiconductor is spinning off its holdings in the Class B Common Stock of SunPower Corp. to Cypress shareholders in a transaction expected to be completed after the market closes on that date, pending final approvals.

-- Heartland Payment Systems Inc. (NYSE: HPY) will replace Hilb Rogal & Hobbs Co. (NYSE: HRH) in the S&P SmallCap 600 after the close of trading on Tuesday, September 30. Hilb Rogal & Hobbs is being acquired in a deal expected to be completed on or about that date, pending final approvals.

-- Tekelec (Nasdaq: TKLC) will replace Sciele Pharma Inc. (Nasdaq: SCRX) in the S&P SmallCap 600 after the close of trading on Friday, October 3. Sciele Pharma is being acquired in a tender offer expected to expire on or about that date, pending final approvals.

Standard & Poor's will monitor these transactions, and post any relevant updates on its website: www.standardandpoors.com.

Oceaneering International provides engineered products and services, primarily to the offshore oil and gas industry. Headquartered in Houston, TX, the company will be added to the S&P MidCap 400 GICS (Global Industry Classification Standard) Oil & Gas Equipment & Services Sub-Industry index.

Cypress Semiconductor is a broad-line semiconductor company and a supplier of programmable solutions.