Level 3 Communications replacing Jabil on S&P 500

Jabil Circuit is falling off the S&P 500 list of large-cap stocks and being replaced by another company with Tampa Bay ties: Level 3 Communications Inc.

Jabil, a global contract electronics manufacturer with headquarters in St. Petersburg, will be switched to the S&P MidCap 400 after the close of trading Tuesday, replacing TW Telecom, according to S&P Dow Jones Indices.

Level 3 Communications has a pending deal to acquire TW Telecom.

The S&P 500, or Standard & Poor's 500, is a stock market index based on the market capitalizations of 500 large companies listed on the NYSE or NASDAQ.

Jabil's current market cap, an estimate of company worth based on stock price multiplied by number of outstanding shares, is $3.9 billion.

Level 3, which has long had a presence in Tampa Bay, is based in Broomfield, Colo. Its market cap is $10.8 billion.

S&P Dow Jones, which is part of McGraw Hill Financial, regularly updates companies in its indices based on company size and other factors.