CHARLOTTE — Honeywell International Inc., the Charlotte-based multinational conglomerate, is set to join the Dow Jones Industrial Average (DJIA) effective before market open on Aug. 31, S&P Dow Jones Indices said in a press release.
Honeywell is set to replace Raytheon Technologies Corporation. Salesforce.com and Amgen Inc. will also be added to the DJIA, replacing Exxon Mobil Corp. and Pfizer Inc.
These changes in the closely-followed stock market index were prompted by Apple Inc.’s decision last month to split its stock 4:1. According to Monday’s release, Apple’s decision to split “will reduce the index’s weight in the Global Industry Classification Standard (GICS) Information Technology sector.” The announced changes will help offset that reduction.
S&P Dow Jones Indices noted that the changes “help diversify the index by removing overlap between companies of similar scope and adding new types of businesses that better reflect the American economy.”
Honeywell, which had been deleted from the Dow in February 2008, will be the 11th most weighted stock upon its return to the index.
Shares of Honeywell (HON) were last trading up 3 percent near $164.20 on Tuesday.
The press release can be found here.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism