GE: Dropped From the Dow Like a Sack of Potatoes

General Electric GE kicked off 2013 with a large asset sale announcement agreeing in February to sell its remaining stake in NBCUniversal’s joint venture with Comcast for $18.1 billion. Proceeds from that sale were used to accelerate both share buyback

General Electric GE kicked off 2013 with a large asset sale announcement agreeing in February to sell its remaining stake in NBCUniversal’s joint venture with Comcast for $18.1 billion. Proceeds from that sale were used to accelerate both share buyback

General Electric, an original member of the Dow Jones industrial average, has been kicked out of the elite index.

GE was an original member of the Dow in 1896 and has been in it continuously since 1907. Walgreens Boots Alliance (WBA) will replace GE on the Dow Jones index starting June 26.

"Walgreens is a national retail drugstore chain offering prescription and nonprescription drugs, related health services and general goods", David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a statement.

"Since then the USA economy has changed: consumer, finance, health care and technology companies are more prominent today and the relative importance of industrial companies is less", said David Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices.

Last year, GE was the worst-performing stock in the Dow, losing nearly half of its value.

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