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DJIA Changes Weightings: Higher Tech & Financial (GM, C, CSCO, TRV)
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Now that General Motors (NYSE: GM) is bankrupt, the Dow Jones Index Team has decided to announce its DJIA component changes. In this change, there were two components changed rather than just GM. Citigroup, Inc. (NYSE: C) is also getting the boot. Cisco Systems, Inc. (NASDAQ: CSCO) and Travelers Companies, Inc. (NYSE: TRV) are the replacements in the index.
Late Friday we gave our list of single replacement candidates for replacing GM in the DJIA 30, and we even dispelled a few names some were hoping for that did not actually make sense with the DJIA being a price-weighted index. Cisco was our top tech pick for the slot, but Travelers was not in our group. The notion that this was taken out of Citi makes for a slightly ironic index change.
Jon C. Ogg
June 1, 2009
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