Yanking out your FANGs: index providers to shuffle tech stocks
S&P, MSCI to regroup counters like Facebook, Amazon, Netflix and Google, affecting passive investors and ETF providers
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New York
WATCH out, FANG lovers. Some of your favorite stocks are poised to be recategorised, potentially removing them from exchange-traded funds that have held them for years.
S&P Global Inc and MSCI Inc, two of the world's biggest index providers, plan to overhaul their industry classifications, merging some Internet and media stocks with phone companies under "communication services". It would replace the existing telecommunication sector.
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