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Delta to Join S&P 500

Delta Airlines (NYSE:DAL) will join the S&P 500 index after the close of trading on September 10, replacing BMC Software (NASDAQ:BMC), Standard & Poor's said on Friday.Shares of Delta, the second largest carrier behind United Continental (NYSE:UAL), rose 4.6 percent to $20.80 in after-hours trading.BMC will be replaced in the index on Tuesday because Bain Capital LLC is expected to complete its acquisition of BMC on or around that day, S&P said.Delta, which filed for bankruptcy in 2005 and acquired Northwest Airlines in 2008, has improved profits and reduced debt in recent years. It last paid a common stock dividend in 2003, and its last share buyback plan was in 2000.To cut costs, Delta has been retiring fuel-guzzling planes and acquiring used aircraft, and it bought a Pennsylvania oil refinery last year.In May, Delta said it planned to return $1 billion to shareholders over the next three years, starting with its first dividend in a decade and a $500 million share buyback program. Th...

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