Bank of America to be dropped from the Dow

[unhappycamper]

http://www.charlotteobserver.com/2013/09/10/4302146/bank-of-america-to-be-dropped.html

Bank of America to be dropped from the Dow
By Andrew Dunn
Posted: Tuesday, Sep. 10, 2013

Come next week, America’s most famous list of blue-chip stocks will no longer include Bank of America.

The company that runs the Dow Jones Industrial Average announced Tuesday that the Charlotte bank would no longer be included after the biggest shake-up of the list in nine years. In its place will be New York investment bank Goldman Sachs.

Computer maker Hewlett-Packard and aluminum firm Alcoa are also getting the boot, in favor of Visa and Nike. The three companies deleted have the lowest stock prices of the 30 companies on the list.

Being dropped from the list isn’t expected to have any meaningful effect, investment managers say. And after all, there are plenty of well-regarded banks not on the list – Wells Fargo, for instance.