Dow Bids Adieu To GE, Welcomes Walgreens
Zacks Investment Research | Jun 20, 2018 08:45AM ET
On Jun 19, S&P Dow Jones Indices, a division of S&P Global, announced the departure of the beleaguered conglomerate General Electric Co. (NYSE:GE) from Dow 30. Notably, GE will cease to be part of this closely watched index of the U.S. stock markets from Jun 26. The drug store chain Walgreens Boots Alliance Inc. (NASDAQ:WBA) will replace GE in the 30-stock blue-chip index.
It is to be noted, the Dow was formed in 1896 and GE is one of the 12 original members of the index. It has been a continuous member since 1907. GE’s removal from the elite Dow 30 index reflects the tectonic shift in prominence of companies in U.S. economy.
The traditional industrial and metal companies have taken a backseat in the economy while financials, healthcare, technology and consumer staple and discretionary companies have emerged as the front runners. Both GE and Walgreens carry a Zacks Rank #3 (Hold). You can see Original post
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