DJIA Dumps ExxonMobil, Which Has Been There Since 1928 (As Standard Oil Of New Jersey)
In its biggest reshuffle in several years, the Dow Jones Industrial Average is removing its longest-serving member: Exxon Mobil Corp.
The change was prompted by Apple’s forthcoming split, set to happen at Friday’s market close, which will leave the stock at one-quarter of its current price, Bloomberg News reported.
As opposed to the market-cap-weighted S&P 500 index, the Dow weights its members by price rather than market value. If a stock’s price falls too much, it can have a notable impact on the 124-year old index, according to Barron’s.
Energy giant Exxon Mobil, the oldest member of the index, joined the Dow in 1928 as Standard Oil of New Jersey. The Dow’s last original member, General Electric, was removed in 2018, CBS News reported.
While Exxon Mobil was worth more than $450 billion as recently as 2014, according to Bloomberg News, the stock had fallen throughout the six years before 2020 and is down another 40 percent since January.
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https://climatecrocks.com/2020/08/25/as-big-oil-fades-big-green-is-ascendant/#more-61462