GE, 3M Spinoffs Join S&P 500, Divide Investors Over Valuation

Corporate breakups have come back in vogue, but only one of the two blue-chip spinoffs joining the S&P 500 Index this week found favor with investors.

GE Vernova Inc., General Electric’s clean energy spinoff, has climbed some 19% from the start of early trading to outshine the index’s flat performance. Solventum Corp., a health company spun out of 3M Co., has traded in the other direction, with the stock falling nearly 30% from the start of when-issued trading last week, Bloomberg data show.

While early trading for spinoffs can be choppy, the divergence casts a measure ...