GE Kicked Out of Dow, the Last 19th Century Member Removed
21 Juin, 2018, 16:07 | Auteur: Auguste Feret
General Electric Co's GE.N expulsion from the elite Dow Jones Industrial Average may be a bitter pill to swallow for shareholders, but it could be little more than a publicity blow for investors in the 126-year-old struggling US conglomerate.
"Since then the United States economy has changed: consumer, finance, health care and technology companies are more prominent today and the relative importance of industrial companies is less", said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices. It will be replaced by Walgreens Boots Alliance (WBA).
GE stock is the last original Dow Jones member.
The Dow, a price-weighted index, gives more impact to higher-priced stocks than its cheaper ones.
GE has shrunken dramatically since it became entangled in the financial crisis a decade ago.
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GE shares closed at $12.95 Tuesday, down 78 percent from their high of $60 a share in August 2000. "The GE that was dominant in the Dow in the Seventies and Eighties is no longer the same GE". Because of that, GE's low share price made it increasingly inconsequential to the index. However, in Walgreens' case, at $68, the price was not much above its 52-week low. The performance differential is especially notable more recently: The last five changes have seen a 3% rise for additions and a 43% rise for those stocks exiting.
"Today's change to the DJIA will make the index a better measure of the economy and the stock market", said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.
GE is now tied with 3M Co MMM.N as the Dow components that are least favored by stock analysts, according to Thomson Reuters data.
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