Struggling General Electric, started in the 19th century by Thomas Edison, tomorrow will be booted from the 30 large, publicly-owned companies that compose the Dow Jones Industrial Average, notes Grumpy Editor.
GE is an original member of the DJIA that debuted in 1896.
National retail drug store chain Walgreens will replace GE which has seen its shares tumble nearly 55 percent over the past 52 weeks amid downturns in its power generation and oil services businesses plus competition and unraveling of finance operations.
Since founding of the blue-chip index, "the U.S. economy has changed: consumer, finance, health care and technology companies are more prominent today and the relative importance of industrial companies is less," observes David Blitzer, managing director and chairman of the index committee at S&P Dow Jones.
The DJIA change will make the index a better measure of the economy and the stock market, adds Blitzer.
IN CASE YOUR FAVORITE NEWS OUTLETS MISSED THESE...
SURVEY FINDS TV REPORTING TOPS IN COVERING TRUMP ACTIONS. A Rasmussen Reports survey finds 49 percent of likely U.S. voters "very closely" follow news reports about President Donald Trump's actions and policies from TV programs. A distant second is the internet, at 25 percent, followed by radio, garnering 11 percent. Only seven percent turn to newspapers very closely for information, while three percent look to social media, notes Rasmussen.
RUSSIAN SUBMARINES A GROWING THREAT. Russia is deploying more submarines to the Mediterranean, the Black Sea and North Atlantic than at any time since the Cold War as part of a growing power game driving the U.S. to revive a decommissioned fleet and NATO to strengthen its naval defenses, informs a U.S. Navy commander.
LAST STRAW IN SEATTLE. Starting July 1, Seattle restaurants must stop offering plastic straws and utensils as the first large city to ban such products. The city passed a ban on single-use disposable food-service items in 2008, but utensils and straws were exempted until the market matured to provide affordable and effective alternatives.
STARBUCKS TO AX POORLY PERFORMING OUTLETS. Starbucks is going to close 150 poorly performing company-operated locations next year, about three times as many as it usually shutters. Those affected are mostly in urban areas where there are many Starbucks stores.
BOARDROOMS SEE RISE IN FEMALE DIRECTORS. Through May this year, 248 or 31 percent of new members of board of directors at the country's 3,000 largest publicly-held firms are women, highest percentage in at least a decade.
CANADA GOES TO POT. Canada's Senate passes legislation that will make it the first country with a major economy to legalize marijuana for recreational use. When fully approved, the new law is expected to ignite a multibillion dollar industry as Canada joins Uruguay in allowing citizens to use marijuana without fear of arrest.
MAJOR LEAGE BASEBALL AIMS FOR LONDON GAMES. Major League Baseball plans a two-game series between the New York Yankees and the Boston Red Sox in London's Olympic Stadium next summer after years of rumors about playing there.
STUDY SUGGESTS SEAFOOD TRIGGERS SEX. Reuters Health reports a study suggests couples who eat a lot of seafood may have sex more often and get pregnant more quickly than those who shun shellfish and sardines. Researchers followed 500 couples in Michigan and Texas for one year, asking them to log seafood consumption and sexual activity in daily journals. Result: Couples had 39 percent higher odds of having sex on days when both partners dined on seafood.
CALIFORNIA VOTERS TO DECIDE ON FREE-ROAMING HENS. California voters decide in November whether egg-laying hens must roam freely. The cage-free hen requirement would take effect in 2021. Along with calves and pigs, backers say extreme animal confinement is cruel and can increase the risk of foodborne illnesses.
RAT CHEWS THROUGH BILLS IN ATM. A rat slipped through a small hole for cables in the back of an ATM near Gauhati, India and chewed through the equivalent of almost $20,000 in bills. Technicians who fixed the broken State Bank of India cash machine find the dead rat inside and Indian currency notes worth nearly 1.3 million rupees in shreds.
CVS ADDS DELIVERY. CVS Health is launching delivery of prescription drugs and other medications in a move to retain customers following a decline in sales of general merchandise and shopper visits at its drugstores, reveals Fortune.
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