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(Bloomberg) -- Exxon Mobil Corp, Pfizer Inc. and Raytheon Technologies Corp. were kicked out of the Dow Jones Industrial Average as part of the stock benchmark’s biggest reshuffling in seven years, actions that will boost the influence of technology companies that have dominated the 2020 stock market.Salesforce.com, Amgen Inc. and Honeywell International will enter the 124-year old equity gauge a week from today, its overseers said. The moves were prompted when Apple Inc.’s stock split effectively reduced the sway of computer and softward stocks in the price-weighted average.While any change to the Dow is notable, the ejection of Exxon Mobil -- the world’s biggest company as recently as 2011 -- marks a particularly stunning fall from grace, reflecting the decline of commodity companies in the American economy. Worth $525 billion in 2007 and more than $450 billion as recently 2014, the stock had fallen in four of six years before 2020...
Hennessy Capital Acquisition Corp. IV to merge with Canoo Holdings Ltd. Canoo vehicles are ideal for commercial use in last mile delivery fleets Walmart, other retailers are possible partners as they ramp up last mile tech Canoo to offer leases rather than purchases to allow fast adoption Canoo trades at 0.85x 2025 revenue, much lower […]...
The hundreds of thousands of bikers who attended the Sturgis Motorcycle Rally may have departed western South Dakota, but public health departments in multiple states are trying to measure how much and how quickly the coronavirus spread in bars, tattoo shops and gatherings before people traveled home to nearly every state in the country. From the city of Sturgis, which is conducting mass testing for its roughly 7,000 residents, to health departments in at least eight states, health officials are trying to track outbreaks from the 10-day rally which ended on Aug. 16. An analysis of anonymous cell phone data from Camber Systems, a firm that aggregates cell phone activity for health researchers, found that 61% of all the counties in the U.S. have been visited by someone who attended Sturgis, creating a travel hub that was comparable to a major U.S. city....
One of the most common explanations for the frenzy of buying in Tesla Inc (NASDAQ: TSLA) in 2020 has been the stock's eligibility for the S&P 500, which bulls say would force a tremendous amount of buying volume in the stock.DataTrek Research co-founder Nicholas Colas on Monday said the case to include Tesla in the S&P 500 is far from cut and dry, and the impact it could have on the stock market may not necessarily be positive.Questionable Profitability: Tesla met the qualifications for inclusion in the S&P 500 for the first time when the company reported a profitable second quarter, bringing its trailing four-quarter GAAP net income into positive territory. However, Colas said the S&P eligibility commission may be troubled by the fact that Tesla reported $782 million in 100%-margin automotive regulatory credit sales in the second quarter compared to just $220 million in net income."This puts the S&P committee...
