Cooper Industries down after removal from S&P 500

Cooper Industries Ltd. shares fell Monday after Standard & Poor's said it was replacing the electrical products and tools supplier on a key stock index after the company changed its home base to Ireland from Bermuda.

The S&P said Friday it was replacing Cooper on its widely followed 500 stock index with Radnor, Pa.-based Airgas Inc., which distributes industrial, medical and specialty gases and related equipment.

Oppenheimer analyst Christopher Glynn said Monday the move to Ireland — expected to get final shareholder approval a week from Tuesday — "has probably entrenched an overhang on shares this summer, as some index-based funds are forced to sell."

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Nevertheless, the analyst reiterated his "outperform" rating on the stock. Glynn said that share price "overhang" will subside. He recommended investors consider buying shares before the overhang subsides and shares gain value.

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"Longer term, the directional earnings profile seems favorable even on continued top-line weakness," the analyst said.

In midday trading, shares fell $1.58, or 4.7 percent, to $32.05.