The Dow Jones Industrial Average is losing long-time blue-chip companies Alcoa (AA), Hewlett-Packard (HPQ) and Bank of America (BAC) in what marks the index's largest shakeup since 2004.
The companies are being replaced by Visa (V), Goldman Sachs (GS) and Nike (NKE).
Alcoa will be dropped from the Dow Industrials after serving as a Dow component for the last 54 years. It is being replaced by Nike, which the DJIA's index committee says helps to diversify the index's consumer discretionary sector. The Oregon-based athletic-apparel maker, currently ranked 59th on the S&P 500 in market cap, saw its shares climb 2% to $66.72 in recent trade.
Meanwhile, payments giant Visa will replace computer maker H-P, while Goldman is swooping in for BofA.
In a statement, S&P Dow Jones Indices said the changes were prompted by the low stock price of the three exiting companies and the Index Committee's desire to diversify the sector and industry group representation of the index.