Shares of Hewlett-Packard Co. rose in morning trading today after The Wall Street Journal announced that the company would join the Dow Jones Industrial Average.
HP will replace Texaco Inc. in the average, which is decided by the editors of the newspaper.
"We've always thought of 'industrials' as meaning more than 'manufacturing,' " said Paul Steiger, managing editor of the Journal. "Nowadays, technological innovation and services of all types are major propellants of the U.S. economy."
HP was up $1 to $55.62 at midday.
As one of the stocks listed in the average, HP's closing price will be added to the other 29 stocks and multiplied by a "divisor" to determine the Dow's value. Dow Jones & Co., publisher of the Journal, will determine a new divisor that incorporates the changes made to the average.
IBM and AT&T; Corp. are the only other major IT companies listed in the average.