GE booted from the Dow, to be replaced by Walgreens

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Industrial giant General Electric is out of the Dow Jones industrial average and will be replaced by drugstore chain Walgreens Boots Alliance.

GE was one of the original components of the index of 30 stocks in 1896. It has been a continuous member since 1907, or 111 years. In the past year, its stock has been battered as the company overhauls its business.

CEO John Flannery is in the midst of an extensive restructuring of the business that is likely to include the sale or spinoff of parts of the company’s portfolios. But investors have feared the value of its business is declining.

“We are focused on executing against the plan we’ve laid out to improve GE’s performance,” the company said in a statement. “Today’s announcement does nothing to change those commitments or our focus in creating a stronger, simpler GE.” …

Read more : CNBC, 19.06.2018