Apple's stock split forced changes in the Dow Jones Industrial Average that had three companies replaced.
S&P Dow Jones Indices said in a statement that ExxonMobil (XOM) - Get Report will be replaced by Salesforce.com (CRM) - Get Report; Pizer (PFE) - Get Report will be replaced by Amgen (AMGN) - Get Report and Raytheon Technologies (RTX) - Get Report will be replaced by Honeywell International (HON) - Get Report.
“The index changes were prompted by DJIA constituent Apple Inc.'s decision to split its stock 4:1, which will reduce the index's weight in the Global Industry Classification Standard (GICS) Information Technology sector. The announced changes help offset that reduction,” S&P Dow Jones Indices said in a statement. The changes “also help diversify the index by removing overlap between companies of similar scope and adding new types of businesses that better reflect the American economy."
“The changes won’t disrupt the level of the index,” according to the statement. The divisor used to calculate the index from the components’ prices “will be changed prior to the opening on Aug. 31. This procedure prevents any distortion in the index’s reflection of the portion of the U.S. stock market it is designed to measure.”
More: So, of course, there's one question on the table: With this new Dow, what companies will still be in the Dow 100 years from now?
Jim Cramer has the answer in the video above.
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