It's Official: Google and Facebook Are Communications Companies
- Netflix, Comcast will also be reclassified as communications
- Alibaba, eBay to move from tech to consumer discretionary
Photographer: Krisztian Bocsi/Bloomberg
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It was expected for months, now it’s real. Index overseers have changed their opinion of which industries some of the stock market’s shiniest stars belong to.
Facebook Inc. and Google’s parent Alphabet Inc. will leave the biggest industry classification, information technology, and join communications, a category set to replace telecom by merging existing phone companies with some Internet and media stocks. S&P Global Inc. and MSCI Inc. disclosed the moves in a statement.