Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Twitter
Xiaomi
Adani Group
Life Insurance Corporation of India
Stock Market
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / Business News / General Electric booted from Dow Jones stock-index after a century
Business

General Electric booted from Dow Jones stock-index after a century

General Electric booted from Dow Jones stock-index after a century
Written by Garima Bora
Jun 20, 2018, 02:12 pm 3 min read
General Electric booted from Dow Jones stock-index after a century

Slumping US industrial giant General Electric will be booted from the iconic Dow Jones stock index next week, S&P Dow Jones Indices has announced. It added that GE will be replaced on June 26 by pharmacy chain Walgreens Boots Alliance. GE was an original member of the Dow in 1896 and has been in the index continuously since 1907. Here's more.

Sinking shares
GE saw shares tumble nearly 60% in last 2 years

The move comes on the heels of a two-year slump for GE, which has seen shares tumble nearly 60% over the last 24 months. S&P Dow Jones noted that the Dow index is weighted by stock-price, which means that GE accounts for less than 1% of the overall benchmark. Walgreens Boots has a higher stock-price and will have more influence on the index.

History
Thomas Edison launched GE in the 19th century

Thomas Edison launched GE in the 19th century. Over time, the company has an intermittent presence in a sprawling array of industries, including entertainment and finance. The company has pared back some of these businesses in recent years, selling NBC Universal to Comcast and divesting most of its finance business. GE's best performing units of late have been healthcare and aviation.

CEO Flannery
GE reported loss of $1.2bn since Flannery became chief executive

Under pressure from Wall Street, GE last year replaced Jeffrey Immelt with John Flannery as chief executive. GE has since trimmed costs, streamlined its board, cut its dividend and revamped employee compensation. It has also announced plans to sell $20bn in industrial assets. In April, GE reported a loss of $1.2bn in the first quarter due to $1.5bn in reserves to cover legal settlements.

Turnaround efforts
GE says turnaround efforts on track

Flannery warned at the time that outlook for the power sector was even worse than previously thought. Analysts have praised Flannery, but some speculate whether a break-up of the company would make sense. GE said its turnaround efforts were on track. "We are focused on executing against the plan we've laid out to improve GE's performance," the company said.

Dow Jones
Finance, tech companies more prominent today: S&P Dow Jones MD

The Dow's membership has over time added more tech companies like Apple and cut many former manufacturing giants like Alcoa. "Since the founding of the index, the US economy has changed; consumer, finance, and tech companies are more prominent today," said David Blitzer, MD and Index Committee Chairman, S&P Dow Jones. "Walgreens is a national retail drug-store chain offering related health services" he added.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Garima Bora
Garima Bora
Mail
Latest
Apple
New York City
General Electric
United States of America
Dow Jones
Latest
Toyota Camry Nightshade Special Edition arrives with sporty looks
Toyota Camry Nightshade Special Edition arrives with sporty looks Auto
2022 French Open: Novak Djokovic eyes these milestones
2022 French Open: Novak Djokovic eyes these milestones Sports
UEFA Europa League 2021-22: Frankfurt beat Rangers to win title
UEFA Europa League 2021-22: Frankfurt beat Rangers to win title Sports
Decoding the achievements of Jurgen Klopp at Liverpool
Decoding the achievements of Jurgen Klopp at Liverpool Sports
Ahead of global debut, new-generation Mercedes-Benz GLC SUV teased
Ahead of global debut, new-generation Mercedes-Benz GLC SUV teased Auto
Apple
Apple releases new updates for iPhones, iPads: Details here
Apple releases new updates for iPhones, iPads: Details here Technology
Saudi Aramco dethrones Apple to become world's most valuable company
Saudi Aramco dethrones Apple to become world's most valuable company Business
Apple discontinues iPod after 21 years: Tracing the magical journey
Apple discontinues iPod after 21 years: Tracing the magical journey Technology
New leak reveals everything about Apple iPhone 14 Max
New leak reveals everything about Apple iPhone 14 Max Technology
Another setback for Will Smith; Apple reportedly delays his 'Emancipation'
Another setback for Will Smith; Apple reportedly delays his 'Emancipation' Entertainment
More News
New York City
New York: 10 killed in 'racially motivated' shooting, suspect arrested
New York: 10 killed in 'racially motivated' shooting, suspect arrested World
New York shooting: Manhunt on for 62-year-old 'person of interest'
New York shooting: Manhunt on for 62-year-old 'person of interest' World
New York shooting: Several shot in Brooklyn; undetonated devices found
New York shooting: Several shot in Brooklyn; undetonated devices found World
US fines National Bank of Pakistan for anti-money laundering violations
US fines National Bank of Pakistan for anti-money laundering violations World
19 dead, including children, in New York's deadliest apartment fire
19 dead, including children, in New York's deadliest apartment fire World
More News
General Electric
Uber's employee, now a billionaire, was hired through a tweet
Uber's employee, now a billionaire, was hired through a tweet Business
He crushes patients' groin for a living and loves it
He crushes patients' groin for a living and loves it World
Trump against canceling $110 billion arms deal with Saudi Arabia
Trump against canceling $110 billion arms deal with Saudi Arabia World
Vistara to buy 19 Airbus, Boeing planes worth Rs. 21,344cr
Vistara to buy 19 Airbus, Boeing planes worth Rs. 21,344cr India
US approves $930mn deal to sell 6 Apache-attack-choppers to India
US approves $930mn deal to sell 6 Apache-attack-choppers to India World
More News
United States of America
Was the March crash of China jet deliberate? Details here
Was the March crash of China jet deliberate? Details here World
National Apple Pie Day 2022: History, celebrations and more
National Apple Pie Day 2022: History, celebrations and more Lifestyle
International Nurses Day 2022: The legend that was Florence Nightingale
International Nurses Day 2022: The legend that was Florence Nightingale Lifestyle
North Korea test-fires submarine missile amid nuclear test concerns
North Korea test-fires submarine missile amid nuclear test concerns World
US: Karine Jean-Pierre named first 'Black' White House press secretary
US: Karine Jean-Pierre named first 'Black' White House press secretary World
More News
Dow Jones
No meeting with Xi expected before trade deadline: Trump
No meeting with Xi expected before trade deadline: Trump World
Sensex jumps over 100 points ahead of Budget 2019
Sensex jumps over 100 points ahead of Budget 2019 Business
Sensex rises over 200 points, Nifty reclaims 10,800 mark
Sensex rises over 200 points, Nifty reclaims 10,800 mark Business
Assembly poll results, Urjit Patel's sudden resignation upset market
Assembly poll results, Urjit Patel's sudden resignation upset market India
Sensex rises 115.89 points on fresh fund inflow, strong rupee
Sensex rises 115.89 points on fresh fund inflow, strong rupee Business
More News
Next News Article
Next News Article

Love Business news?

Subscribe to stay updated.

Business Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022