NEW YORK CITY (dpa-AFX) - Alphabet Inc. (GOOG, GOOGL) will replace Verizon Communications Inc. (VZ) in the Dow Jones Industrial Average or DJIA, effective prior to the opening of trading on Monday, June 29, according to S&P Dow Jones Indices, a division of S&P Global (SPGI).
Further, it was announced that Honeywell International Inc. (HON) will remain in the DJIA under the new name Honeywell Technologies Inc., following the spin off of Honeywell Aerospace Inc. (HONA) in a transaction expected to be completed on June 29. Honeywell Aerospace will not be included in the DJIA.
According to S&P Dow Jones, Verizon, due to its lower share price, represents only one-half of one percentage point of the DJIA, a price weighted index.
Alphabet is a more representative Communication Services constituent in the DJIA, due to its larger market capitalization and share price, as well as the breadth of its businesses, S&P Dow Jones added.
Adding Alphabet is expected to broaden and strengthen the DJIA's exposure to the U.S. economy's dynamic areas in which the firm operates, including advertising, cloud infrastructure, artificial intelligence, hardware, autonomous mobility, healthcare technology, and media distribution.
In the overnight trading, Alphabet shares were gaining around 0.64 percent, trading at $348.30, after closing Tuesday's regular trading 0.77 percent lower.
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