S&P Dow Jones Indices, which manages the 30-stock benchmark, said the changes were prompted by Walmart's 3-for-1 stock split, which is also effective next week.
Unlike the S&P 500 and the Nasdaq Composite, the blue-chip index is weighted by share price, not by market capitalization. Walmart's split will reduce its weighting, and that of the consumer staples sector, in the index.
The Dow is calculated by adding the prices of the 30 stocks and dividing by a factor that accounts for changes like stock splits and index entrants. That means that companies with a higher share price have a greater effect on index moves, regardless of their total market value.
Walgreens' tenure in the index was relatively short-lived. It was added in June 2018, replacing General Electric. Its stock has struggled since then, losing more than two-thirds of its value, and was the Dow's biggest laggard in 2019 and 2023.
Faced with shrinking demand for Covid-19 tests and vaccines, the pharmacy chain is racing to make up for lost revenue. Walgreens slashed its quarterly dividend last month.
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Denne historien er fra February 22, 2024-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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IMAX India box office collections dip 36%
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Overwhelmed by the disruptions and disasters of the world of business? Take a deep breath and dive into these books
