Urban Outfitters Nabs Spot on S&P 500

Urban Outfitters will replace Affiliated Computer Services on the S&P 500.
By Jeanine Poggi ,

NEW YORK (

TheStreet

) --

Urban Outfitter

(URBN) - Get Report

has nabbed a spot on the S&P 500 index, replacing

Affiliated Computer Services

(ACS)

, Standard & Poor's announced on Friday.

The move comes as Affiliated Computer Services is in the process of being acquired by

Xerox

(XRX) - Get Report

.

Shares of Urban Outfitters are up 2.3% to $32.30 in early morning trading Monday.

The contemporary apparel retailer was also upgraded on Friday by FBR Capital Markets to outperform from market perform.

Urban Outfitter's strong holiday sales may foreshadow how sales will fare in 2010, analyst Adrienne Tennant wrote in a note.

Urban Outfitter's holiday sales increased 5%, its first increase in over a year.

-- Reported by Jeanine Poggi in New York.

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Loading ...