DOW JONES NEWSWIRES
Standard & Poor's said it will replace General Motors Corp. (GM) with post-secondary education company DeVry Inc. (DV) in the S&P 500 index after the close of trading Tuesday.
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.
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