ExxonMobil, Pfizer Inc and Raytheon Technologies are getting kicked off the Dow Jones Index
The Dow Jones Industrial Average just had its biggest reshuffling in seven years and it resulted in ExxonMobil Corp (NYSE: XOM) being kicked out of the index, along with Pfizer Inc (NYSE: PFE) and Raytheon Technologies (NYSE: RTX). The three companies will be replaced by Salesforce.com (NYSE: CRM), Amgen Inc (NASDAQ: AMGN) and Honeywell International (NYSE: HON) on the DIJA from August 31, 2020. The reshuffling was prompted by Apple’s decision to carry out a 4 for 1 stock split which would significantly reduce the Index’s exposure to the tech sector. Click here to read more.
Google cloud is investing $100 million in Amwell, a company that builds technology for virtual doctors’ visits. Under the deal, Amwell will move part of its business from Amazon Web Services to Google Cloud. The companies will also cooperate on technology and build out a dedicated sales effort to expand Amwell’s footprint in the sector. Amwell has filed to go public but it faces strong competition from Teladoc and Livongo. Click here to read more.
Palo Alto Networks Inc (NYSE: PANW), a cybersecurity company, clearly benefited from the work-from-home trend as its earnings results crushed Wall Street estimates. Revenue came to $950.4 million vs $924 million expected and $805.8 million in the year-ago quarter. Palo Alto Networks also announced its plans to acquire digital forensics consulting firm, Crypsis Group for $265 million in cash. Click here to read more.
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Here are the biggest movers in pre-market trading
1. Snowflake is set to take on Amazon and Microsoft cloud database businesses as it files for IPO. Click here to read more.
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