B of A is one of three companies being dropped, the others being Hewlett-Packard and Alcoa. Those stocks are being replaced by Visa and Nike, respectively.
“The index changes were prompted by the low stock price of the three companies slated for removal and the index committee’s desire to diversify the sector and industry group representation of the index,” a press release announcing the changes stated.
Investors in B of A stock so far seem to be unfazed by move, which was announced before the market opened. As of 11:25 a.m., B of A was up 1.38%, or $0.20 to $14.68 per share.
Goldman Sachs was up 3.25%, or $5.19 to $164.68.
B of A is a member of National Mortgage News’ Mortgage Industry Equity Composite.