Walgreens Boots Alliance is getting kicked off the Dow Jones Industrial Average and being replaced by Amazon — cementing the e-commerce giant’s influence on the U.S. economy.
The change, announced late Tuesday and effective Feb. 26, reflects “the evolving nature of the American economy,” S&P Dow Jones Indices said. It also helped that Walmart’s recent stock split reduced its weight in the index.
Walgreens has been on the proverbial chopping block for some time. At roughly $19 billion, it has the smallest market cap among the Dow’s 30 companies.
Separately, Dow is booting JetBlue Airways from its transportation index and picking up Uber instead. Even some recent interest from Carl Icahn wasn’t enough to save the U.S. airline from being benched.