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Monday
Mar172014

S&P 500 Market Caps

Tomorrow is the sixth anniversary of Visa (V) entering the public markets.  The company's IPO topped $19 bn in the spring of 2008 and set records for its size.  Visa IPO investors have done remarkably well since: the company is now a member of the Dow Jones Industrial Average and has more importantly smiled on investors with a return of 409% from its IPO price, which started with a pop of over $12 per share on its first day of trading.  

Visa currently sits at number 25 on the list of the S&P 500's largest companies by market cap, a list that includes American icons such as General Electric (GE), Berkshire Hathaway (BRK), Wal-Mart (WMT), AT&T (T) and Coca-Cola (KO).  But the large cap index doesn't only include the titans of years gone by: 7 of the top 25 companies are Technology firms, including Google (GOOG), Facebook (FB) and Visa, which all debuted on public exchanges within the last decade.  Below is a list of the largest 25 firms in the S&P 500, ranked by their current market cap.  Also included is their rank as of 6 years ago.  Companies that were not in the S&P 500 on 3/17/2008 are noted with an n/a.

The US markets have over time trended less towards "traditional" commercial enterprise (industrials, consumer staples, and consumer discretionaries) and more towards information-based or service oriented sectors: technology, health care, and finance.  The top 25 has 7 technology companies, 5 financials and 3 health care names...but only 1 industrial, General Electric.  Despite its classification, GE derived $44bn of its $146bn total revenues in 2013 from GE Capital, its financial subsidiary.

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