("DeVry To Replace GM In S&P 500 >DV GM," published
Monday, June 1, at 5:45 p.m. EDT, incorrectly stated in the first
paragraph that DeVry will join the index simultaenously with GM's
being dropped. A corrected version follows.)
DOW JONES NEWSWIRES
Standard & Poor's said Monday it will replace General Motors
Corp. (GM) with post-secondary education company DeVry Inc. (DV) in
the S&P 500 index.
Earlier Monday, GM filed for Chapter 11 bankruptcy protection, a
dubious milestone in the long downfall of what once was the
pre-eminent symbol of American industrial might. News Corp. (NWSA)
unit Dow Jones & Co., publisher of this newswire and The Wall
Street Journal, has already said the auto maker will no longer be a
component of the Dow Jones Industrial Average.
GM will exit the benchmark index as of the close of business
Tuesday, and DeVry will move into the empty spot next Monday.
DeVry, with a market capitalization of $3.26 billion, has seen
profits rise steadily; professional-school enrollment is expected
to continue rising into 2010 as the recession sends millions of
people in search of retraining.
Shares of DeVry, which had been in the S&P MidCap 400, were
up 4.5% to $46.36 in after-hours trading. The shares have rebounded
more than 20% since early May but remain off more than a quarter
from their 52-week high in January.
GM shares were down 2.7% to 73 cents.
-By Jay Miller, Dow Jones Newswires; 201-938-2331;
jay.miller@dowjones.com