Amazon.com Inc AMZN shares are trading higher in Tuesday’s after-hours session after the company was selected to join the Dow Jones Industrial Average (DJIA).
What Happened: In a new press release issued late Tuesday, S&P Dow Jones Indices announced Amazon will replace Walgreens Boots Alliance Inc WBA in the DJIA, effective before the market opens on Feb. 26.
“Reflecting the evolving nature of the American economy, this change will increase consumer retail exposure as well as other business areas in the DJIA,” S&P Dow Jones Indices said in the press release.
The change in the index was prompted by Walmart’s 3:1 split announcement, which will reduce Walmart’s index weighting due to the index’s price-weighted nature. Walmart will remain in the DJIA.
S&P Dow Jones Indices also announced that Uber will replace JetBlue Airways in the Dow Jones Transportation Average to help the index gain exposure to the ride-sharing industry.
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AMZN Price Action: Amazon shares were up 1.20% after hours at $169.09 at the time of publication, according to Benzinga Pro.
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