DOW JONES NEWSWIRES
General Motors Corp. (GM) and Citigroup Inc. (C) will be
replaced in the Dow Jones Industrial Average by Cisco Systems Inc.
(CSCO) and Travelers Co. (TRV), respectively.
GM filed for bankruptcy Monday as part of a government-aided
restructuring effort. Bankruptcy is an automatic disqualifier for
membership in the benchmark stock index.
Citigroup is being removed as "the bank is in the midst of a
substantial restructuring which will see the government with a
large and ongoing stake," said Dow Jones editor-in-chief Robert
Thomson. "We genuinely hope that once the bank has refashioned
itself that we will again be able to consider it for inclusion -
Citigroup is a renowned institution, not only in this country, but
around the world."
Travelers was spun off from Citigroup in 2002.
The component changes will be effective June 8.
Citi shares were recently up 1.3% premarket to $3.77 amid a
broad rally in the futures market while GM was inactive.
-By Kevin Kingsbury, Dow Jones Newswires; 201-938-2136;
kevin.kingsbury@dowjones.com