Amazon To Join the Dow Jones Industrial Average, Replacing Walgreens

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Published February 21, 2024

188betLiên kết đăng nhập — Amazon founder Jeff Bezos. Getty Images

Key Takeaways

Amazon is replacing Walgreens in the Dow Jones Industrial Average, effective next Monday.
S&P said the changes were prompted by Walmart’s 3-for-1 stock split, which also takes effect next week—and reflect “the evolving nature of the American economy.”
Amazon founder Jeff Bezos has sold billions of dollars worth of stock in recent weeks.

Amazon.com Inc. (AMZN) rose 1% in early trading Wednesday following news that the online retailing giant is set to join the Dow Jones Industrial Average, replacing pharmacy chain Walgreens Boots Alliance (WBA).

The changes will be effective next Monday, according to S&P Dow Jones Indices, which manages the storied 30-stock benchmark and announced the move Tuesday.

S&P said the changes were prompted by Walmart’s 3-for-1 stock split, which also takes effect next week—and reflect “the evolving nature of the American economy.”

The blue-chip index is widely followed by individual investors but is dominated by legacy industrial companies. Adding Amazon will increase the benchmark index's weighting in tech stocks.

Amazon, now one of the world's largest online retailers, has come a long way since its start as an online vendor of books in 1995.

However, Jeff Bezos, Amazon's founder, former chief executive, and the world's third-richest man, has been selling Amazon stock lately. Bezos sold more than 14 million shares of his company valued at roughly $2.4 billion, bringing the total sold since the start of the month to 50 million.

Shares of Amazon are up more than 11% this year. Walgreens shares were down 3% in early trading Wednesday and are down 16% this year.

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S&P Global Indices. “."
United States Securities and Exchange Commission. "."

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Key Takeaways