Apple’s stock will be listed on the Dow Jones Industrial Average, replacing telecom player AT&T, on March 18th according to the Wall Street Journal.
David M. Blitzee, managing director and chairman of the Index Committtee at S&P Dow Jones Indices told the WSJ that, “As the largest corporation in the world and a leader in technology, Apple is the clear choice for the Dow Jones industrial average, the most recognized stock market measure.”
With their recent performance in quarterly earnings, Apple has “pushed its stock value and market capitalization even higher, with a lot of analysts even making the argument that compared to other companies in its sector, its stock price is still actually undervalued” according to TechCrunch.
Apple is the largest publicly traded company in the world with a market capitalization of about $736 billion. AT&T has a market value of nearly $175 billion. Apple shares rose, while AT&T dropped more than 1 percent according to CNBC.
Alan Skrainka, chief investment officer at Cornerstone Wealth Management told USA TODAY that, “The Dow has to change from time to time in order to truly reflect the changing nature of our economy, that’s why we like the change. No company is a better reflection of the innovative spirit and dynamic nature of the U.S. economy.”
Thumbnail from Shutterstock.com
from Darlene Milligan http://ift.tt/1x0qD6n via boost website conversion
from Tumblr http://ift.tt/1A5946j
No comments:
Post a Comment