Thursday, 19 July, 2018

GE Stock Kicked Out Of Dow Jones; Walgreens Added

General Electric being removed from Dow Jones industrial average after 100+ years General Electric to leave Dow Jones Industrial Average amid stock slide
Jean Garcia | 20 June, 2018, 04:23

General Electric's (GE) 111-year run as one of the Dow Jones industrial average's 30 components is coming to a close.

S&P Dow Jones Indices said Tuesday that GE will be removed from the index before the open of trading next Tuesday.

Walgreens-or Walgreens Boots Alliance, as the stock is formally called-has declined 22% in the past two years.

"General Electric was an original member of the DJIA in 1896 and a member continuously since 1907", says David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.

The Dow's membership has evolved over time to add more technology companies, such as Apple and Intel and cutting many former giants such as Alcoa and International Paper.

The move not only underscores the challenges that GE has faced in recent years but illustrates the changing nature of the companies that are driving the US economy. It shed most of its financial-service businesses to focus on its high-tech industrial operations.

Florida rapper XXXTentacion, 20, dead in shooting
In March, a judge ruled that XXXTentacion could be released from house arrest in order to tour in support of his new album. XXXTentacion has faced several legal issues and was now awaiting trial on charges that he beat his pregnant girlfriend.

The company is under investigation related to a $15 billion hit it took to cover miscalculations at an insurance unit.

Immelt also built up GE's exposure to manufacturing and servicing coal and gas-fired electricity plants, only to see demand for such plants fall dramatically in recent years as sales of suddenly cost-competitive renewable wind and solar systems increased. The shares are down more than 60 percent from their most recent peak in July 2016.

Its stock has fallen almost 80 percent from highs in 2000.

The stock-price slide is a key factor in GE's exit from the Dow, which is calculated using the prices of 30 large, or "blue chip" stocks from various USA industries. In after-hours trading Tuesday, shares of GE were down 1.4%, while shares of Walgreens were up 2.9%.

With the addition of Walgreens, the Dow will better reflect the role of consumers and healthcare in the USA economy, S&P Dow Jones Indices said in a statement.

Co-founded by inventor Thomas Edison, GE was the largest US company by stock market value starting in 1993, with brief interruptions from Microsoft Inc (MSFT.O) until Exxon Mobil Corp (XOM.N) overtook it in 2005. Walgreens stock jumped 3%.

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