by Christopher Freeburn | November 27, 2012 10:35 am
After the end of trading on Friday, Dollar General (NYSE:DG) will become part of the S&P 500. The discount retail chain will replace Cooper Industries (NYSE:CBE) on the market index, the Associated Press noted.
Dollar General operates more than 10,000 stores nationwide. In September, it reported second-quarter earnings that beat Wall Street expectations, on revenue that rose more than 10% compared to the prior year.
The chain competes with other similarly-named discount chains, including Dollar Tree (NASDAQ:DLTR) and Family Dollar (NYSE:FDO), as well as larger discount retailers including Target (NYSE:TGT) and Wal-Mart (NYSE:WMT).
Cooper Industries is being acquired by Eaton Corp. (NYSE:ETN) and will re-incorporate in Ireland as Eaton Global Corp. PLC.
Shares of Dollar General rose about 1% in Tuesday morning trading.
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