S&P Dow Jones Indices has announced that Exxon Mobil, Pfizer and Raytheon Technologies will drop out of the 30-stock Dow Jones Industrial Average before trading opens Monday.
Shares of the three companies all slipped in their first trading Tuesday. Exxon has been the longest-running member of the blue-chip stock measure, and it was first added in 1928 when it was still named Standard Oil of New Jersey.
Exxon Mobil dropped 2.9%, Pfizer fell 2.2% and Raytheon lost 2.8%.
Salesforce.com, Amgen and Honeywell International will replace the trio. All three rose at least 3%.
S&P Dow Jones Indices said it’s making the moves because Apple is about to split its stock, which will result in a lower share price. Because the Dow’s movements are based on how much a company’s share price is — not how much the company is worth in total, like other indexes — the stock split would have reduced the technology industry’s weight in the Dow.
