Standard & Poor’s said Thursday it is adding Irvine-based Edwards Lifesciences Corp. to its S&P 500 index, effective March 31.
The heart valve maker is replacing Qwest Communications International Inc., a Denver-based telecommunications company.
Qwest is being bought by CenturyLink Inc. of Monroe, La.
Edwards, which had a recent market value of $9.8 billion, has been one of the county’s fastest-rising stocks, largely on anticipation for its Sapien less-invasive replacement heart valve.
Sapien is awaiting a Food and Drug Administration decision and could be on the market by the end of 2011.
Edwards’ shares were up 2% in afterhours trading on Thursday.
Stocks added to major indexes generally see an ensuing rise as investment managers who run funds tracking the indexes buy shares.
