For Hewlett-Packard, the hits just keep on coming. Tuesday, the news is that HP, a stalwart of American business, was dropped from the Dow Jones Industrial Average. To be fair, it was not alone in this distinction: the Bank of America and Alcoa also got the boot.
In their places come Nike, Visa — which replaces HP — and Goldman Sachs. The Wall Street Journal characterized this as the biggest shakeup in a decade for the venerable 30-stock index.
The changes take effect after the market closes September 20. As the Journal points out, HP has had its ups and downs in the last few years, but this week its shares were up more than 50 percent for the year. Generally, however, all three stocks have lagged the broader market in recent years.