Goldman Sachs Group Inc., Visa Inc. and Nike Inc. will be added to the Dow Jones Industrial Average, replacing Bank of America Corp., Hewlett-Packard Co. and Alcoa Inc. in the biggest reshuffling since April 2004.
The 10 biggest gold companies led by Barrick Gold Corp. spent more than $100 billion in the past 20 years buying new mines and projects around the globe. Now they’re feeling pressure to throw the strategy into reverse.
Capital spending by the largest gold producers is increasing at a faster pace than earnings for a second straight year as the industry’s biggest mining projects are beset by delays and surging labor costs.
Alcoa Inc. , the largest U.S. aluminum producer, may post a 29 percent drop in third-quarter profit after a weaker dollar raised costs in Europe, Australia and Brazil, offsetting an increase in the price of the metal.
Alcoa Inc.’s speculative-grade credit ranking at Moody’s Investors Service makes it only the second junk-rated Dow Jones Industrial Average company in at least three decades. It took four years for the first to be ejected.
Alcoa Inc., the largest U.S. aluminum producer, is set to record the strongest annual earnings growth in three years as the price of the commodity rebounds and after the company closed its most inefficient smelters.