Getting the boot may not be as bad as it sounds. 

General Electric Co.  (GE) was removed from the Dow Jones Industrial Average  on Tuesday, June 19, more than 100 years after GE, one of the blue-chip index's founding companies, debuted.

The move has been long-coming as the stock has continuously underperformed in recent quarters. However, the exit from the Dow may be a blessing in disguise, according to Goldman Sachs analyst Joe Ritchie. 

"Lastly, while a negative in the near-term [for GE], we note that recent removals from the index have gone on to outperform the DJIA in the 12 months following the announcement," Ritchie said. 

For example, AT&T Inc. (T) shares rose 15% in the 12 months after it was replaced on the Dow by Apple Inc. (AAPL) vs. the S&P 500's 2% decline over the same time period. Alcoa Corp.  (AA) is another example, with a 96% return the 12 months after it got the booth. 

The change becomes official Tuesday, June 26, with GE being replaced by Walgreens Boots Alliance Inc.  (WBA) on the Dow. 

GE shares were down more than 1% on Wednesday.

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