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MONDAY, NOVEMBER 23, 2009
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Dow Boots GM, Citi; Travelers, Cisco Take Spots

Overhauls drive firms off Industrial Average, says editor

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(Newser) – General Motors and Citigroup are losing their spots on the Dow Jones Industrial Average after GM filed for bankruptcy, MarketWatch reports. Replacing them are Cisco Systems and The Travelers Companies. “A bankruptcy filing immediately disqualifies a stock regardless of a company's history or its role as a cultural icon,” said Dow Jones’ editor-in-chief.

“We were reluctant to remove Citigroup at the height of the financial frenzy, but it is clear that the bank is in the midst of a substantial restructuring which will see the government with a large and ongoing stake,” Robert Thomson noted in a statement.

A sign for Citibank is shown at Citigroup headquarters Thursday, April 30, 2009 in New York.
A sign for Citibank is shown at Citigroup headquarters Thursday, April 30, 2009 in New York.   (AP Photo/Mark Lennihan)
Cisco Systems Inc. CEO John Chambers speaks to the media during a news conference in Seoul, South Korea, Wednesday, April 15, 2009.
Cisco Systems Inc. CEO John Chambers speaks to the media during a news conference in Seoul, South Korea, Wednesday, April 15, 2009.   (AP Photo/Yonhap, Kim Hyun-tai)
In this Dec. 12, 2008 file photo, the GM logo is seen outside the headquarters in downtown Detroit.
In this Dec. 12, 2008 file photo, the GM logo is seen outside the headquarters in downtown Detroit.   (AP Photo/Carlos Osorio, File)
Satellite trucks are parked in front of the GM building in advance of a newsconference with President and CEO Fritz Henderson Monday, June 1, 2009 in New York.
Satellite trucks are parked in front of the GM building in advance of a newsconference with President and CEO Fritz Henderson Monday, June 1, 2009 in New York.   (AP Photo/Mark Lennihan)
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