NEWARK, N.J., July 5 -- Multinational carrier and telephone company IDT Corp., announced it has been named to the Russell 1000, an index of the largest publicly traded companies in the US.
"Being put in the Russell 1000 is very nice, but I won't get really excited until IDT makes the S&P 500 and the DOW," said Howard Jonas, IDT chairman. "As the big old monopolistic telecoms are laid to rest, IDT is proof that technological innovation, competition, an entrepreneurial spirit and hard work are still the building blocks of corporate success in America."
All the Russell Indexes, including the Russell 1000, are reconstituted annually to reflect changes in the marketplace. The list of companies is ranked based on May 31 total market capitalization, with actual reconstitution effective June 30 of each year.