Posted 2/21/2024, 11:32:41 AM
Walgreens Dropped from Dow Jones Index, Replaced by Amazon as Struggles Continue
- Walgreens shares fell 3% in premarket trading after losing its spot on the Dow Jones Industrial Average index to Amazon
- The change comes less than 2 months after Walgreens nearly halved its dividend payout to conserve cash
- Walgreens joined the Dow in 2018, replacing General Electric, but its stock has since lost about 65% of its value
- Walgreens has shut unprofitable stores as it seeks to win back market share from rivals
- S&P Dow Jones indices said adding Amazon reflects the evolving nature of the American economy