Alcoa loses blue-chip status

Company News

Alcoa Inc (ASX:AAI) is one of three companies losing its official blue-chip status after being dropped from the Dow Jones Industrial Average.
 
The aluminium producer along with Hewlett-Packard and the Bank of America has lost their status due in part to low stock prices and will be replaced by Goldman Sachs, Visa and Nike.
 
Alcoa says the decision will not impact the company’s ability to successfully execute the strategy and will remain focused on shareholder value.
 
It says it is also optimizing its upstream competitiveness and capturing growth opportunities in aerospace and automotive.
 
Alcoa posted a net profit of $23.7 million on June 30.