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Industry Info

The Big Dow Industrials Shake Up: Aluminum Is Out And Sneakers Are In

Aluminum, printers and bank branches are out. Sneakers, credit cards, and fixed income and commodities trading are in.

Goldman Sachs, Nike and Visa V +3.38% have been deemed worthy of a widely-tracked U.S. blue-chip stock market index and will be added to the Dow Jones Industrial Average later this month. The losers in this big change to the benchmark Dow Jones Industrial Average:  Alcoa AA -0.37%, Hewlett Packard and Bank of America BAC +0.9%.

S&P Dow Jones Indices LLC, the company that is part of McGraw Hill Financial and overseess the Dow Jones Industrial Average, announced the change on Tuesday morning.

Investors tracking the Dow Jones have enjoyed the performance of Hewlett Packard this year, with the stock up almost 50%, but over the last five years the stock of the company is down by 50%. In the last five years, shares of Alcoa have fallen by 70% and shares of Bank of America have tumbled by 57%. During that same five year period, shares of Goldman Sachs are about flat, while shares of Nike are up more than 111% and shares of Visa have soared by 149%.

In a statement, S&P Dow Jones Indices said “the index changes were prompted by the low stock price of the three companies slated for removal and the Index Committee’s desire to diversify the sector and industry group representation of the index.”

The move is specifically swapping out Alcoa for Nike, while Goldman Sachs is replacing Bank of America, and Visa is replacing HP.

Source: Forbes