Alphabet to Join Dow Jones Industrial Average as Verizon Is Removed

Alphabet will replace Verizon in the Dow Jones Industrial Average, @zerohedge reported. The change lifts the Google parent into the blue-chip index and removes the telecommunications carrier. Alphabet shares rose 0.5 percent in premarket trading.

Verizon shares fell 0.5 percent. Other large technology companies showed mixed moves. Nvidia rose 0.6 percent, Tesla rose 0.6 percent, Apple rose 0.6 percent, and Meta rose 0.1 percent. Microsoft fell 0.5 percent and Amazon fell 0.2 percent.

Cerebras Systems shares fell 14 percent after the chipmaker issued an annual sales forecast that disappointed investors seeking faster gains in the AI data-center market. FedEx shares fell 7 percent after the company released its first earnings report since spinning off its freight unit earlier this month. The parcel carrier cited margin pressure and global trade uncertainty in its outlook.

FuelCell Energy shares rose 16 percent after the company reached an agreement to supply 380 megawatts of clean on-site power for data centers using its technology. Hertz shares fell 16 percent after the rental-car company filed to offer $100 million of stock.

Twilio shares rose 3 percent after Goldman Sachs initiated coverage with a buy rating and a $300 price target, citing AI-related growth opportunities.

Wendy’s shares rose 23 percent after the fast-food chain climbed in popularity rankings on Stocktwits and Reddit’s wallstreetbets forum.