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Disney is named to list for Dow Jones industrial average

Published May 3, 1991|Updated Oct. 13, 2005

Dow Jones & Co. said Thursday it is replacing three companies in its widely followed industrial average, including Walt Disney Co., the first entertainment company to make the list. The replacements, effective Monday, are Caterpillar Inc. for Navistar International Corp., Disney for USX Corp. and J.P. Morgan & Co. for Primerica Corp.

The changes are the first in the Dow industrial average since March 1987. They reflect shifts in the status and performance of America's biggest industrial companies, as well as the continuing shift toward a service economy.

Changes in the average are decided by the editors of The Wall Street Journal, which is published by Dow Jones.

In a statement, Dow Jones said USX was being replaced because of the company's recent decision to restructure its stock, creating separate classes for the company's steel and energy divisions. The addition of Disney reflects "the importance of entertainment and leisure activities in the economy," the statement said.

Primerica and Navistar are descendants of companies that were added when the industrial average was expanded to 30 stocks from 20 stocks in 1928.

Navistar, which once was International Harvester Co., now makes medium- and heavy-duty trucks, and has been considered a laggard market performer. Caterpillar makes construction equipment and machinery.

Primerica, a financial services and insurance company, is a descendant of the American Can Co.

J.P. Morgan is the first banking company to be included in the average. Dow Jones said it is the nation's fourth-biggest bank in terms of assets but the market value of its shares is the greatest of any U.S. bank.

In addition to the new stocks, the industrial average consists of:

Bethlehem Steel Co., Exxon Corp., Texaco Inc., Chevron Corp., American Express, Sears, Woolworth, du Pont, American Telephone & Telegraph Co., International Paper, Alcoa, Union Carbide Corp., Allied Signal Inc., Merck & Co., General Electric Co., Minnesota Mining & Manufacturing Co., Procter & Gamble Co., Philip Morris Inc., Boeing Co., Coca-Cola Co., McDonald's Corp., Eastman Kodak Co., United Technologies Corp., General Motors Corp., Westinghouse Electric Corp., International Business Machines Corp. and Goodyear Tire and Rubber Co.

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