der Dow wird umgebaut - ein historisches Ereignis - 500 Beiträge pro Seite

[big_mac]

nach 4 1/2 jahren wird der Dow Jones Industrial Average (so ist der vollständige name) wieder einmal umgebaut.

ein seltenes ereignis, daß einen eigenen thread verdient

hinaus fliegen:
AT&T
Eastman Kodak
International paper

hinein kommen:
American international Group (AIG)
Pfizer
Verizon

die bisherigen umstellungen seit 1929:

Historical changes to Dow Jones industrial average
Thursday April 1, 11:41 am ET


NEW YORK, April 1 (Reuters) - Dow Jones & Co. (NYSEJ - News) on
Thursday replaced three companies in the benchmark Dow Jones
industrial average (^DJI - News), saying the change was to reflect
growth in the financial and health care sectors.
They were the first changes to the 107-year-old stock index
since 1999.
The Dow Jones industrial average is the oldest continuous
barometer of the U.S. stock market, and the most widely used
indicator of stock market activity.
The index, created by company co-founder Charles H. Dow,
first appeared on May 26, 1896 -- initially comprised of 12
companies. The first publication of an average comparable to
today`s 30 industrial stocks was October 1, 1928. Here is a
chronology of changes since then:
YEAR NEW COMPANY COMPANY REPLACED
1929 National Cash Register Victor Talking
Machine
Curtiss-Wright Wright Aeronautical
1930 Johns-Manville North American
Borden American Sugar
Eastman Kodak American Tobacco
Goodyear Atlantic Refining
Hudson Motor Curtiss-Wright
Liggett & Myers General Railway
Signal
Standard Oil of California Goodrich
United Air Transport Nash Motors
1932 American Tobacco Liggett & Myers
Coca-Cola Hudson Motor
Drug Inc. Mack Trucks
International Business Machines National Cash
Register
International Shoe Texas Gulf Sulphur
Loew`s Paramount Publix
Nash Motors Radio Corp.
Procter & Gamble United Air Transport
1933 Corn Products Refining Drug Inc.
United Aircraft International Shoe
1934 National Distillers United Aircraft
1935 Du Pont Borden
National Steel Coca Cola
1939 American Telephone & Telegraph International Business
Machine
United Aircraft Nash Kelvinator
1956 International Paper Loew`s Inc.
1959 Aluminum Company Of America National Steel
Anaconda American Smelting
Owen`s-Illinois Glass National Distillers
Swift & Co. Corn Products
1976 Minnesota Mining & Manufacturing Anaconda Copper
1979 International Business Machines Chrysler
Merck Esmark
1982 American Express Co. Manville Corp.
1985 McDonald`s Corp. American Brands Inc.
Philip Morris Companies General Foods Corp.
1987 Coca-Cola Co. Owens-Illinois Inc.
1991 Caterpillar Inc. Navistar International
Corp.
Walt Disney Co. USX Corporation
J.P. Morgan Primerica Corp.
1997 Wal-Mart Stores Woolworth
Travelers Group Westinghouse Electric
Hewlett-Packard Co. Texaco Inc.
Johnson & Johnson Bethlehem Steel
1999 Home Depot Sears, Roebuck and
Co.
Microsoft Corp. Chevron Corp.
Intel Corp. Goodyear Tire & Rubber
Co.
SBC Communications Union Carbide Corp.
2004 American Intl. Group AT&T Corp.
Pfizer Inc. Eastman Kodak
Verizon Communications International Paper

[boersenblasen]

und kauft man da nun besser die Rausflieger oder die Reinfliger
wenn man sich Eastman oder At&T anguckt - sag mal einer, es gäb keine Bayer oder Deutsch Telekom im Dow...

[big_mac]

gestern sind die neuen alle gestiegen und die rausgeworfenen alle gefallen.

Ma bell (att) wird durch eine weitere der baby-bells ersetzt - es bleiben also 2 telekoms im dow

eastman kodak ist zwangsweise im totalen umbau begriffen - das alte kerngeschäft ist ja im aussterben.
mit IP ist ein guter alter zykliker hinausgeflogen - eigentlich der einzige potentielle ansatzpunkt für kritik
(wegen verminderter branchendiversifikation).

die anderen neuen:
AIG, eine der (die?) größte versicherung auf der welt verstärkt den finanzsektor auf 4 1/2 (die halbe ist GE )
und pfizer den pharmasektor auf 3.

[big_mac]

und was der eigentümer des dow schreibt:



Dow Jones Shakes Up Index

AIG, Pfizer, Verizon Supplant
AT&T, Kodak, International Paper;
Blue Chips Rise and Bonds Fall
By E.S. BROWNING
Staff Reporter of THE WALL STREET JOURNAL
April 2, 2004; Page C1

The Dow Jones Industrial Average will change its makeup for the first time in more than four years, by deleting three stocks that were members when Eisenhower was president.

The 30-stock average is adding insurance company American International Group Inc., drug maker Pfizer Inc. and telephone-service provider Verizon Communications Inc. Those stocks replace AT&T Corp., Eastman Kodak Co. and International Paper Co.

The three departing stocks had been Dow stalwarts for decades. AT&T was in the industrial average from Oct. 4, 1916, to Oct. 1, 1928; it re-entered on March 14, 1939. Kodak has been a component of the Dow since July 18, 1930, and International Paper since July 3, 1956.

The changes to the average, which tracks the prices of blue-chip stocks, take effect when trading begins on April 8.

The changes won`t directly affect the value of the Dow, as the math used to calculate it will be adjusted to reflect the prices of the stocks concerned. However, the stock market yesterday began the new quarter with a small gain, partly as a result of a much stronger-than-expected report on March manufacturing activity, and partly in response to the news of the Dow`s new look.

Despite declines by the three departing stocks, the industrial average rose 15.63 points, or 0.15%, to 10373.33, leaving it still down 0.77% for the year so far. The Nasdaq Composite Index, whose many technology stocks would be among the beneficiaries of a stronger economy, jumped 1.04%, or 20.79 points, to 2015.01. It once again is in positive territory for the year so far, up 0.6%.

Gold continued its recent advance, rising 50 cents to another 15-year high of $427.80, while the dollar continued to sag against the yen, hitting a four-year low of 103.76 yen to the dollar.

The revisions to the Dow industrials weren`t provoked by any specific event, said Paul E. Steiger, managing editor of The Wall Street Journal, who oversees the makeup of the Dow Jones Industrial Average.

"None of these changes was triggered by an event such as an imminent merger, which was the case in the past three instances of changes dating back to the early 1990s," Mr. Steiger said. "Rather, they recognize trends within the U.S. stock market, including the continued growth of the financial and health-care sectors and the diminishing relative weight of basic-materials stocks."

The 107-year-old Dow last changed composition on Nov. 1, 1999, when Home Depot Inc., Intel Corp., Microsoft Corp. and SBC Communications Inc. replaced Chevron Corp., Goodyear Tire & Rubber Co., Sears, Roebuck & Co. and Union Carbide Corp.

The performance of the four new component stocks since then suggests that being added to the widely followed barometer doesn`t necessarily herald a lasting price increase for the stocks concerned.

Since the 1999 adjustment, the Dow industrials overall have fallen only about 3% in value, but all four of the new stocks have fallen harder.

As of Wednesday`s close, Home Depot had declined 26% since its addition to the Dow industrials, according to Baseline. Intel was down 30%, Microsoft was down 46% and SBC Communications had fallen 52%.

Sears, in contrast, was up 52%, but Goodyear was down 79%. Chevron merged with Texaco Inc. in 1999, while Union Carbide was acquired by Dow Chemical Co. in 2001, so neither of them trades now as a separate stock.

Yesterday, following news of the planned changes to the Dow, AIG, Pfizer and Verizon all advanced, while AT&T, Kodak and International Paper declined. Money managers who specialize in stocks that are included in the Dow industrials will be likely to buy the first three and sell the last three, which helped explain their moves.

The changes were announced by Dow Jones & Co., which generates the Dow industrials, as well as a variety of other averages and indexes. Dow Jones is the parent of the Journal and the Online Journal.

Dow Jones noted in a statement that "company additions to and deletions from the Dow Jones Industrial Average do not in any way reflect an opinion on the investment merits of the company."

The Dow industrial average was created by Dow Jones co-founder Charles H. Dow in May 1896 and has become the world`s best-known stock-market measure. Originally made up of 12 industrial companies, it has for some years been branching out, despite its name, to include more service and financial concerns.

John Prestbo, editor of Dow Jones Indexes, said that all 30 stocks were reviewed in the course of arriving at the decision to replace three. "There are no predetermined criteria for a stock to be added or deleted, though we intend that all components be established U.S. companies that are leaders in their industries," he said. For the sake of continuity, composition changes are kept rare, Mr. Prestbo said.

The addition of Verizon in place of AT&T means that two children of the phone giant`s breakup are now part of the Dow industrials, and the onetime parent company is out. SBC and Verizon both are "Baby Bells," created to be local phone-service providers when AT&T was broken up in 1984 following an antitrust ruling.

CNBC DOW JONES BUSINESS VIDEO



Verizon CEO Ivan Seidenberg says, there are a lot of great companies in the telecom space, but very few of them that have the breadth and depth of Verizon.


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Mr. Prestbo said this is the third instance in which descendants have taken the place of broken-apart parent companies to represent their respective industries in the average. ExxonMobil Corp. is a combination of two descendants of Standard Oil Co. (New Jersey), broken up in 1911. Boeing Co. and United Technologies Inc. trace their lineage to United Aircraft Corp., which was split in 1934.

All three companies added to the Dow industrials -- Verizon, Pfizer and AIG -- trade on the New York Stock Exchange. (William C. Steere Jr., the former chief executive of Pfizer, is a director at Dow Jones.) In 1999, two of the companies that were added, Intel and Microsoft, were the first two Nasdaq Stock Market companies added to the Dow, but no Nasdaq company was added this time.

In response to its removal from the Dow, AT&T issued this statement: "While AT&T and the entire telecommunications industry have reflected the effects of soft demand and overcapacity since early in 2000, AT&T is a Fortune 40 company with $34.5 billion in revenue last year. The fact remains that AT&T is one of the world`s leading communications companies, and our unrivaled base of enterprise customers to whom we provide sophisticated networking services -- both domestically and globally -- make AT&T a bellwether of the U.S. economy. Despite ongoing regulatory uncertainty, AT&T has continued to invest in technology innovation and advanced networking, while improving our processes and the experience our customers expect from AT&T."

International Paper, in a statement, said: "The composition of the Dow Jones Industrial Average has no bearing on the company`s continuing focus on adding value for our customers to help them succeed in their businesses and providing solid returns to shareholders."

Eastman Kodak spokesman Gerard Meuchner said, "This action in no way changes our strategy or our belief that we will be successful in implementing our strategy. Membership in any stock index has no bearing on our ability to manage the company for profitable growth."

Most stock indexes posted gains on the first day of the quarter, with the Russell 2000 small-stock index rising 5.01 points, or 0.85%, to 595.32. That marked its sixth consecutive advance, leaving it up almost 7% on the year and only 1.8% below the record high of 606.12 hit four years ago.

The broad Standard & Poor`s 500-stock index rose 5.96 points, or 0.53%, to 1132.17, and is now up 1.8% this year.

Investors continued to bite their nails over the number of new jobs created in March, a report that is due out today and that could have a sharp effect on stocks.

Yesterday`s strong manufacturing news, which raised fresh worries that interest rates will have to rise, sent the 10-year Treasury note down 9/32, or $2.8125 for each $1,000 invested. The yield, which moves inversely to price, rose to 3.879%.

Crude-oil prices fell 4.2%, the sharpest decline since November, on reports that U.S. inventories are larger than thought and that the federal government may ease pollution rules, which would help push down gasoline prices.

In major U.S. market action Thursday:

Stocks moved higher. On the Big Board, where 1.54 billion shares traded, 2,182 stocks rose and 1,111 fell. On the Nasdaq, where 1.84 billion shares changed hands, 1,994 shares advanced and 1,153 declined.

Bonds fell. The 10-year Treasury note fell about 9/32 point, or $2.8125 for each $1,000 invested. The yield, which moves inversely to price, rose to 3.879%. The 30-year bond was down about ½ point to yield 4.803%.

The dollar was weaker. It traded at ¥103.67, down from ¥104.36, while the euro rose against the dollar to $1.2362 from $1.2303 in the previous session.

Write to E.S. Browning at [e-mail]




Chronology of the Dow
The Dow Jones Industrial Average, which debuted in 1896 with 12 stocks, has seen many incarnations while shifting from "smokestack" companies to its current batch of benchmark components. Since 1956, the DJIA has made 10 different changes to its base of components, including reshuffling that will take effect April 8, and more than 20 different corporate name changes.

But just because a component is taken out of the index doesn`t mean that it doesn`t stand a chance to come back. AT&T Corp. was removed in 1928 after 12 years as a Dow component, only to be reinstated in 1939. International Business Machines Corp. joined in 1932 only to be replaced in 1939. It took 40 years for IBM to return to the fold.

The following list tracks replacements and changes in the DJIA going back to 1956, when International Paper joined the index:

July 3, 1956 -- International Paper replaced Loew`s.

April 22, 1959 -- Texas Company name changed to Texaco Incorporated.

June 1, 1959 -- Anaconda Copper, Swift & Company, Aluminum Company of America and Owens-Illinois Glass replaced American Smelting, Corn Products Refining, National Steel and National Distillers.

Nov. 1, 1972 -- Standard Oil (New Jersey) name changed to Exxon.

May 30, 1973 -- Swift & Company name changed to Esmark.

May 1, 1975 -- United Aircraft name changed to United Technologies Corporation.

April 21, 1976 -- International Nickel name changed to Inco.

Aug. 9, 1976 -- Minnesota Mining & Manufacturing replaced Anaconda Copper.

June 29, 1979 -- International Business Machines and Merck replaced Chrysler and Esmark.

Aug. 30, 1982 -- American Express Company replaced Manville Corporation (Johns-Manville).

July 2, 1984 -- Standard Oil of California name changed to Chevron.

Sept. 19, 1985 -- Allied Chemical (Allied Corp.) name changed to Allied-Signal Incorp.

Jan. 4, 1984 -- "New" American Telephone & Telegraph replaced "Old" American Telephone & Telegraph.

Oct. 30, 1985 -- Philip Morris Companies and McDonald`s Corporation replaced General Foods and American Brands Incorporated (American Tobacco B).

Feb. 20, 1986 -- International Harvester name changed to Navistar International Corp.

July 8, 1986 -- U.S. Steel name changed to USX Corporation.

March 12, 1987 -- Coca-Cola and Boeing Company replaced Owens-Illinois Glass and Inco.

April 29, 1987 -- American Can name changed to Primerica Corporation.

Dec. 16, 1988 -- Primerica Corporation (old) merged into Commercial Credit Group Incorporated which adopted Primerica Corporation`s name.

May 6, 1991 -- Caterpillar Incorporated, Walt Disney Company and J.P. Morgan & Company replaced Navistar International Corp., USX Corporation and Primerica Corporation.

April 26, 1993 -- Allied-Signal Incorporated name changed to AlliedSignal Incorporated.

April 20, 1994 -- American Telephone & Telegraph name changed to AT&T Corporation.

March 17, 1997 -- Travelers Group, Hewlett-Packard Company, Johnson & Johnson and Wal-Mart Stores Incorporated replaced Westinghouse Electric, Texaco Incorporated, Bethlehem Steel and Woolworth.

Oct. 19, 1998 -- Travelers Group name changed to Citigroup Incorporated.

Jan. 4, 1999 -- Aluminum Company of America name changed to Alcoa Incorporated.

Nov. 1, 1999 -- Microsoft Corporation, Intel Corporation, SBC Communications and Home Depot Incorporated replaced Chevron Corporation, Goodyear Tire & Rubber Company, Union Carbide Corporation and Sears, Roebuck.

Dec. 1, 1999 -- Exxon name changed to Exxon Mobil Company.

Dec. 2, 1999 -- Allied Signal Incorporated name changed to Honeywell International after merging with Honeywell International.

Jan. 2, 2001 -- J.P. Morgan name changed to J.P. Morgan Chase after merging with Chase.

April 8, 2002 -- Minnesota Mining & Manufacturing name changed to 3M Company.

Jan. 27, 2003 -- Philip Morris Companies name changed to Altria Group, Incorporated.

[big_mac]

Dow Shakeup Might Create
Greater Potential for Gains

By CYNTHIA SCHREIBER
DOW JONES NEWSWIRES
April 1, 2004 5:51 p.m.

NEW YORK -- If the past is any precedent, then the makeover of the Dow Jones Industrial Average may result in higher returns for investors over the next year.

Effective with the opening of trading on April 8, Eastman Kodak Co., International Paper Co. and AT&T Corp. will be removed from the Dow Industrial Average and will be replaced by American International Group Inc., Pfizer Inc. and Verizon Communications Inc. (see related article).

Some analysts said the shakeup may be good news for investors whose portfolios are benchmarked to the 30-stock price-weighted gauge.

"I think the potential for gains for the incoming group of stocks versus the potential for the outgoing group is much greater," said Bruce Bittles, chief investment strategist at R.W. Baird.

Consider the fact that in the past 12 months ended March 31, the Dow has surged 30%. Contributing to those gains, International Paper climbed 25% and AT&T rose 21%, but Eastman Kodak lost 12%.

At the same time, the stocks replacing the three-outgoing issues had higher average returns: American International Group surged 44%, Pfizer gained 13%, while Verizon Communications edged up 3%.

Moreover, the Dow rose 25% in 2003, but two of the stocks exiting the index -- AT&T and Eastman Kodak -- were more liabilities than assets to the gauge`s performance: Kodak plunged 27%, making it the worst performer of the Dow industrials in 2003. AT&T came in second, with a loss of 22% for the year. Meantime, International Paper rose 23%, but was the 18th best performer in the index.

Apart from past price performance, earnings growth is another important indicator. AIG, the largest-percentage gainer of the six stocks involved in the revamping, swung to a profit in the fourth quarter, as did International Paper, the second-largest percentage gainer in the group.

But as Mr. Bittles noted, "AIG is a vibrant insurance concern," Pfizer has "one of the hottest" drug pipelines in the marketplace and Verizon`s business is "more dynamic" than that of AT&T. These driving facts should create a greater potential for higher returns over the next year than the three stocks coming out of the index made in one week, he said.

Write to Cynthia Schreiber at [e-mail]