Freddie's dead. Fannie, get your gun.
The inevitable happened last night. The Standard & Poor's 500 index gave Freddie Mac
Don't bother looking up a quote for the S&P 498. The index always calls up fresh rookies from the minors to take the place of its retirees. The new additions will be industrial and construction supplies specialist Fastenal
I don't have a lot to say about Fastenal, but I'm psyched to see salesforce.com earn a spot on the S&P 500 roster. Bravo, Standard & Poor's.
"You still have to go a long way to find the last Internet stock added to the index," I wrote last month, when new media splitter IAC
The index replaced a dot-com company with a financial-services player a month ago. It's fitting that it should reverse that order this time around.
salesforce.com is a pretty amazing company, revolutionizing the enterprise software industry by providing cheaper Web-based solutions to standard customer relationship management applications. It's become the poster child for cloud computing. Instead of software that sits on individual PCs' hard drives, its growing number of server-stored programs makes computing truly portable.
Tim Beyers recommended Google
Of course, salesforce.com isn't free, but it offers a compelling -- and convenient -- value to PC-stored dinosaurs.
Cloud computing is here to stay. It's nice to see that the S&P 500 has discovered the market's silver lining.
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Longtime Fool contributor Rick Munarriz has never been asked to join the S&P 500. He is a freelance contributor to IAC's Citysearch, but does not have a financial stake in IAC or in any of the other companies in this story. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.