Urban Outfitters joins S&P 500
The contemporary apparel retailer replaces Affiliated Computer Services, which is being acquired by Xerox.
By Jeanine Poggi, TheStreet
Urban Outfitters (URBN) has joined the S&P 500 Index, replacing Affiliated Computer Services (ACS), Standard & Poor's said Friday.
Xerox (XRX) is buying Affiliated Computer Services, eliminating it from the benchmark.
Shares of Urban Outfitters, which also runs the Anthropologie and Free People chains, have doubled in the past year, outpacing the 60% gain of the S&P 400 Consumer Discretionary Index.
The contemporary apparel retailer was also upgraded on Friday by FBR Capital Markets to “outperform” from “market perform.” Urban Outfitters' strong holiday sales may foreshadow its performance for 2010, analyst Adrienne Tennant wrote in a note.
Bing: More on the S&P 500 Index
Urban Outfitters' holiday same-store sales increased 9% in December and November.
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