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NEW YORK, Dec. 7, 2021 /PRNewswire/ -- Old Dominion Freight Line Inc. (NASD:ODFL) will replace Kansas City Southern (NYSE:KSU) in the Dow Jones Transportation Average (DJTA) effective prior to the opening of trading on Tuesday, December 14.
The index change was prompted by the anticipated closing of the voting trust portion of a merger in which KSU will be acquired by Canadian Pacific Railway Limited (NYSE and TSX:CP). The merged company will be incorporated and headquartered in Canada and therefore will not be eligible for the Dow Jones Transportation Average which includes companies incorporated in the U.S.
The change won't disrupt the level of the index. The divisor used to calculate the index from the components' prices on their respective home exchanges will be changed prior to the opening on December 14, 2021. This procedure prevents any distortion in the index's reflection of the portion of the U.S. stock market it is designed to measure. The new divisors can be found in the end-of-day index level files (*.SDL) via the S&P Dow Jones Indices FTP (EDX) site beginning on Monday, December 13, 2021.
Following is a summary of the changes that will take place prior to the open of trading on the effective date:
Effective Date | Index Name | Action | Company Name | Ticker | GICS Sub-Industry |
Dec. 14, 2021 | DJTA | Addition | Old Dominion Freight Line | ODFL | Trucking |
Deletion | Kansas City Southern | KSU | Railroads |
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