Eastman Kodak was booted off the benchmark Dow Jones Industrial Average (DJIA) today along with two other bellweathers, AT&T and International Paper. The changes are to take affect on the index on April 8.
It was the first change made to the index by Dow Jones & Company since 1999 when Microsoft and Intel, the first Nasdaq listings ever to be added, were incorporated into the 30-company barometer of the U.S. economy. The precursors of the digital revolution.
Kodak shares have steadily declined almost 80% since marking an all-time high in 1997, coinciding with the beginning sales of consumer digital cameras (as well as the 2000 bear market). Lately, shares have been under pressure due to increasing silver prices (used in some of their films), also greatly affecting profits.
Although the company has been restructuring to move into new areas besides film, it's still losing ground against faster moving competitors - Canon, Sony, Sandisk, and others.
Kodak had been part of the DJIA since 1930.