NEW YORK, Sept. 10, 2013 /PRNewswire/ -- The Goldman Sachs Group Inc. (NYSE:GS) will replace Bank of America Corp. (NYSE:BAC), Visa Inc. (NYSE:V) will replace Hewlett-Packard Co. (NYSE:HPQ), and Nike Inc. (NYSE:NKE) will replace Alcoa Inc. (NYSE:AA) in the Dow Jones Industrial Average (DJIA) after the close of trading on Friday, September 20. The changes will be effective with the opening of trading on Monday, September 23. The index 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.
The Goldman Sachs Group, headquartered in New York, NY, provides investment banking, securities, and investment management services, as well as financial services to corporations, financial institutions, governments, and high-net-worth individuals worldwide.
Visa, headquartered in San Francisco, CA, is a payments technology company that engages in the operation of retail electronic payments network worldwide.
Nike, headquartered in Beaverton, OR, engages in the design, development, marketing, and sale of athletic footwear, apparel, equipment, and accessories.
The changes won't cause any disruption in the level of the Index. The divisor used to calculate the DJIA from its components' prices on their respective home exchanges will be changed prior to the opening on September 23. This procedure prevents any distortion in the DJIA's reflection of the U.S. stock market.
For more information, please visit http://www.djaverages.com. The Dow Jones Transportation Average, Dow Jones Utility Average and Dow Jones Composite Average also are members of the Dow Jones Averages family.
Additions to and deletions from the Dow Jones Industrial Average do not in any way reflect an opinion on the investment merits of the companies involved.
Following is a summary of the changes:
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DOW JONES INDUSTRIAL AVERAGE – Sept. 23, 2013
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COMPANY
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GICS ECONOMIC SECTOR
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GICS SUB-INDUSTRY
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ADDED
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The Goldman Sachs
Group
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Financials
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Investment Banking &
Brokerage
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Visa
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Information Technology
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Data Processing &
Outsourced Services
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Nike
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Consumer Discretionary
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Footwear
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DELETED
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Bank of America
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Financials
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Other Diversified Financial
Services
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Hewlett-Packard
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Information Technology
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Computer Hardware
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Alcoa
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Materials
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Aluminum
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S&P Dow Jones Indices will host a teleconference call at 9:15 am New York time to discuss the changes.
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For more information:
Dave Guarino
Communications
S&P Dow Jones Indices
dave.guarino@spdji.com
(212) 438-1471
David Blitzer
Managing Director and Chairman of the Index Committee
S&P Dow Jones Indices
david.blitzer@spdji.com
(212) 438-3907
SOURCE S&P Dow Jones Indices