Kraft (KFT) to Replace AIG in DJIA; Stock Jumps 2%
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Shares of Kraft Foods (NYSE: KFT) are seeing upside this morning as Dow Jones announces that Kraft will replace AIG (NYSE: AIG) in the Dow Jones Industrial Average on September 22. The stock most recently traded at $33.34, up about $0.70, or 2% from yesterday's close.
Warren Buffett's Berkshire Hathaway is currently the largest shareholder of Kraft, holding over $4 billion, or about 138 million shares, of the stock at the quarter ended June 30. Another hedge fund billionaire, Nelson Peltz, Chairman of Triarc, currently holds more than $1 billion, or about 31 million shares of Kraft, making it his funds largest position.
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Kraft Foods, Inc., together with its subsidiaries, engages in the manufacture and marketing of packaged foods and beverages worldwide.
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