NEW YORK — General Electric, an original member of the Dow Jones industrial average, has been kicked out of the elite index.
S&P Dow Jones Indices announced on Tuesday that the iconic maker of light bulbs and jet engines will be replaced in the 30-stock index by Walgreens Boots Alliance.
GE was an original member of the Dow in 1896 and has been in it continuously since 1907.
Being ousted from the Dow is the latest indignity for GE, which is dealing with a serious cash crisis caused by years of bad deals. GE has replaced its CEO, slashed thousands of jobs and cut its coveted stock dividend in half.
Last year, GE was the worst-performing stock in the Dow, losing almost half of its value.
S&P said GE will be replaced by Walgreens on June 26.AlertMe