Home Depot added to Dow Jones Industrial Average

Home Channel News, Nov 22, 1999

NEW YORK -- The Dow Jones Company, publishers of the Wall Street Journal, recently added Home Depot and three other companies to the list of 30 firms that constitute the Dow Jones Industrial Average, the most-watched barometer of stock market activity.

"It was a pleasant surprise," said Kim Schreckengost, Home Depot's vp-investor relations. "It's a landmark event for a 20-year old company."

The other "new economy" companies added to the Dow industrials were Microsoft, Intel and SBC Communications. They replaced such longtime standards as Sears, Chevron, Goodyear and Union Carbide.

Home Depot's president and CEO Arthur Blank reacted to the news in typical company fashion. "When you look at the great companies that are being replaced, it reminds you that you can never rest on your laurels," said Blank, who nonetheless said he was "extremely happy" when he heard the news.

Home Depot's stock has been soaring in 1999. It ended 1998 at $61.31 per share and was trading at above $78 per share in early November on the rumors that it was about to form a partnership with Amazon.com. The rumor proved to be untrue as Amazon.com started its own home improvement "store."