Due to poor performance, The S&P Dow Jones Indices are dropping Alcoa, Hewlett-Packard, and Bank of America from the Dow Jones industrial average. Visa, Nike, and Goldman Sachs will take their place. The changes “were prompted by the low stock price of the three companies slated for removal and the Index Committee’s desire to diversify the sector and industry group representation of the index," according to a statement from S&P. The shakeup is the biggest the index has seen since 2004, when AIG, Pfizer, and Verizon replaced AT&T, Eastman Kodak, and International Paper.
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