Urban Outfitters Inc. URBN, -2.41% , First Solar Inc. FSLR, -11.06% , and Frontier Communications Corp. ftr are being booted from the S&P 500 index after S&P Dow Jones raised its market cap guidelines for the index late Friday. The companies will be replaced on the S&P 500 by Advanced Micro Devices Inc. AMD, -0.14% , Raymond James Financial Inc. RJF, -1.25% , and Alexandria Real Estate Equities Inc. ARE, -1.57% , S&P said. The moves come as S&P raised its guidelines for the index to include companies with market capitalizations of more than $6.1 billion from a previous $5.3 billion. The changes to the index take effect before Monday's market open. AMD shares rose 1.5% to $14.12 after hours, while shares of First Solar declined 1.2% to $32, and Urban Outfitters shares slipped 0.7% to $25.