NEW YORK, Oct. 25, 2012 /PRNewswire/ -- Kirby Corp. (NYSE:KEX) will replace Overseas Shipholding Group Inc. (NYSE:OSG) in the Dow Jones Transportation Average (DJTA) after the close of trading on Monday, October 29, and the change will be effective with the opening of trading on Tuesday, October 30. The index change is being done because Overseas Shipholding has stated that certain of its previously issued financial statements should no longer be relied upon, and the company is exploring strategic options including a bankruptcy filing.
Kirby Corp, headquartered in Houston, TX, provides marine transportation and diesel engine services.
The change won't cause any disruption in the level of the Index. The divisor used to calculate the DJTA from its components' prices on their respective home exchanges will be changed prior to the opening on October 30. This procedure prevents any distortion in the DJTA's reflection of the U.S. transportation sector of the stock market.
The Dow Jones Transportation Average is the oldest U.S. stock index tracing its roots to 1894, two years before the Dow Jones Industrial Average was founded. For more information, see the web site of Dow Jones Indexes at http://www.djaverages.com. The Dow Jones Industrial Average, Dow Jones Utility Average and Dow Jones Composite Average also are members of the Dow Jones Averages family.
Additions to and deletions from the Dow Jones Transportation Average do not in any way reflect an opinion on the investment merits of the companies involved.
Following is a summary of the change:
DOW JONES TRANSPORTATION AVERAGE – October 29, 2012
GICS ECONOMIC SECTOR
Oil & Gas Storage &
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