/// Hewlett-Packard Shares Dropped from Dow Jones Industrial Index
Hewlett-Packard is no longer a member of the one of the worlds most important benchmark stock indexes. HP has been dropped from the Dow Jones Industrial Index, the 116-year old list of 30 industrial stocks that is considered a fundamental indicator of the world economy. It was the biggest shakeup in a decade for the Dow as Alcoa and Bank of America were also dropped in order to make way for Nike, Visa and Goldman Sachs. The move brings to an end HP’s 16-year run as a Dow component. I had heard rumors for about a year that this might happen, especially during the period when its shares were trading at levels not seen since 2005 . Ironically, HP’s poor performance last year paved the way for HP to be one of the best stocks on the Dow to own this year. Before today, HP shares had risen 57 percent since the close of 2012. In a statement, S&P Dow Jones Indices, the division of the McGraw-Hill Companies that maintains the index, said the 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.” Other tech companies included on the Dow are IBM, Cisco Systems, AT&T, Microsoft, and Verizon. HP shares are down by slightly less than one percent in early trading this morning. As of 9:35 AM New York time, the shares had fallen to $22.17 or 19 cents
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