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

General Electric Co.  (GE) - Get Reportwas removed from the Dow Jones Industrial AverageI:DJI 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) - Get Report shares rose 15% in the 12 months after it was replaced on the Dow by Apple Inc. (AAPL) - Get Report vs. the S&P 500's 2% decline over the same time period. Alcoa Corp.  (AA) - Get Report 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) - Get Report on the Dow. 

GE shares were down more than 1% on Wednesday.

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