General Electric (NYSE: GE) shares were lower early Wednesday, a day after news that the last original Dow component was being dropped from the blue-chip index.
Shares of GE, which has been in the index continuously since November 1907, closed at $12.95 on Tuesday. Those shares subsided 16 cents, or 1.2%, to $12.79.
On Tuesday, it will be replaced by Walgreens Boots Alliance (NASDAQ: WBA) on the Dow Jones industrial average.
GE, with a market cap of more than $112 billion, has seen its shares fall more than 55% over the past year, on investors' concern about the value of GE's businesses declining.
GE Chairman and CEO John Flannery is in the midst of an aggressive turnaround plan and restructuring.
Flannery replaced GE chief executive Jeff Immelt in the latter half of 2017. Immelt's departure capped a rocky 16-year run that saw GE stock lose about 38% of its value.
Deutsche Bank's John Inch had warned in January that GE would likely be dropped from the Dow this year and that such a move would hurt its shares.
Nicholas Heymann, a multi-industry analyst William Blair & Co., told the media on Wednesday he believes GE's stock should be trading between $14 and $21, depending on earnings.
