ExxonMobil: end of an era as it leaves Dow Jones
(CercleFinance.com) - The enterprise software company Salesforce.
com will replace oil giant Exxon Mobil as of Monday, 31 August as part of the Dow Jones, the index that includes Wall Street's 30 leading stocks, the S&P Dow Jones Indices announced last night.
The index manager specified that the share of the specialist in customer relationship management software (CRM) would contribute to increase the weight of the technology sector within the Dow Jones, while the Apple share price is to be divided by four this week.
Exxon, which was then called Standard Oil of New Jersey, entered the flagship index in 1928 and has remained a Dow Jones member ever since.
The exit of the oil heavyweight does not however constitute a true surprise in this period of energy transition, while its share has lost nearly 40% of its value since 1 January, at a time when the Covid crisis has raged.
In early trading on Tuesday, the share was down 2.2%, while its replacement, Salesforce, was up over 3%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
com will replace oil giant Exxon Mobil as of Monday, 31 August as part of the Dow Jones, the index that includes Wall Street's 30 leading stocks, the S&P Dow Jones Indices announced last night.
The index manager specified that the share of the specialist in customer relationship management software (CRM) would contribute to increase the weight of the technology sector within the Dow Jones, while the Apple share price is to be divided by four this week.
Exxon, which was then called Standard Oil of New Jersey, entered the flagship index in 1928 and has remained a Dow Jones member ever since.
The exit of the oil heavyweight does not however constitute a true surprise in this period of energy transition, while its share has lost nearly 40% of its value since 1 January, at a time when the Covid crisis has raged.
In early trading on Tuesday, the share was down 2.2%, while its replacement, Salesforce, was up over 3%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.