GM Generali

("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