Alcoa, Hewlett Packard and Bank of America will be dropped from the Dow Jones Industrial Average, according to an Associated Press news alert published moments ago this morning.
In their place, Goldman Sachs, Visa and Nike will be added, the AP reports.
The Dow Jones Industrial Average is a major U.S. stock market index and among the most closely watched benchmark indices in the country. It aims to properly represent the major areas of the U.S. economy at a given moment in time, and debuted in 1896 with just 12 companies spanning cotton, sugar, oil, tobacco, gas, leather and other interests at the time.
Over the years, technology companies such as AT&T (telecom), Cisco Systems (networking), General Electric (industry), HP (computing), Intel (processors), IBM (information services), Microsoft (computing) and Verizon (telecom) made their way onto the list.
The decision by S&P Dow Jones Indices LLC, the company that oversees the index, to drop HP demonstrates the company's recent and relative weakness. Indeed, 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," according to an official statement.
Topic: Banking
Andrew Nusca is a writer-editor for ZDNet, contributor to CNET and the editor of SmartPlanet, ZDNet's sister site about innovation. In 2013, his coverage will focus on enterprise startups. He is based in New York.
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