text:
Chris Osika, Managing Director of Cisco Internet Business Solutions Group (IBSG), gives his perspective on new business models and market development trends for smart devices, touch, 4G and LTE and how service providers can monetize new networks in this economy.
Mobile World Congress 2009: All About Collaboration
Mobile World Congress 2009: Monetizing the Experience
Jeff Spagnola, Vice President of Worldwide Managed Services talks about what's top of mind for mobile operators from a recent European tour and how they can monetize innovative services and applications and make the experience for end users better. Highlights include converged mobile on the move experiences that leverage the different assets that Cisco brings to providers.
Mobile World Congress 2009: How Fast Are You Right Here, Right Now?
Our host, Doug Webster, talks about how Cisco's Global Internet Speed Test allows consumers to see their own digital fingerprint and determine their network speed at any location or place. Not only does GIST help users optimize their activities in the human network, but it also helps Cisco and providers learn more about consumer usage to help better develop and plan deployments to optimize your network experiences for the future.
Mobile World Congress 2009: From Emerging to Next Generation
Massimo Migliuolo and Tony Shakib, Vice Presidents for Emerging Markets, give their perspectives on the changes in the mobile industry over the last few years and how many nations with developing infrastructure are among the leaders in their aggressive deployment of the latest IP-based next generation infrastructure.
Mobile World Congress 2009: 4G=IP
While the mobile industry and many in the media are debating the merits of one access technology over the other, our host, Doug Webster, highlights that the debate isn't really necessary since no matter which approach a provider chooses, they are going an all-IP route. The www.4GequalsIP.com website shows how in an innovative and often humorous way that regardless of the approach taken – in this case whether animation, man-on-street interviews, or computer generated imagery is used – the outcome, IP, remains the same.


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Privacy Policy
From rage-filled Barbarians with glorious mustaches to pyromaniac wizards, raise your own army and lead your clan to victory! Build your village to...iOS Version 7.1.1 ... Added: 03/02/15Total Downloads251,451Last Week1,853
Tom is your pet cat, that responds to your touch and repeats everything you say with a funny voice.You can pet him, poke him or grab his...iOS Version 2.6 ... Added: 02/18/15Total Downloads1,193,257Last Week915
Tango - Free Text, Voice, Video & Calling AppTango is a free messenger service that allows you to connect, get social and have fun with those who...iOS Version 3.14.13 ... Added: 03/01/15Total Downloads73,319Last Week249
Use your Netflix account to access streaming movies and TV Shows, right on your device.Android Version 1.5.2 b ... Added: 11/08/11Total Downloads81,269Last Week197
Search and get instant answers on your PC.Windows Version 0.2.43 ... Added: 07/23/13Total Downloads3,928Last Week168
Protect your desktop/laptop from hackers and trackers.Mac Version 1.0.1 ... Added: 01/14/15Total Downloads820Last Week152
Look after Talking Angela as she grows from kitten to cat. Shes all yours!Android Version 1.1 ... Added: 12/23/14Total Downloads1,494Last Week139
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Build your village, train your troops and battle with other players online.Android Version 6.322.3 ... Added: 11/05/14Total Downloads2,229Last Week95
The destiny of LEGO NINJAGO rests in your hands! Unleash the incredible power of elemental weapons and blast enemies as LLOYD, JAY, COLE, ZANE or...iOS Version 1.2 ... Added: 10/23/13Total Downloads2,259Last Week85
Protect your devices from hackers and trackers.Windows Version 1.0.3 ... Added: 01/20/15Total Downloads402Last Week80
Welcome to Boom Beach: come with a plan or leave in defeat!Fight the evil Blackguard with brains and brawn in this epic combat strategy game....iOS Version 20.45.1 ... Added: 02/11/15Total Downloads7,118Last Week78
The best of Cartoon Network all in one app! Games, videos, polls, and more!Android Version 1.0.201 ... Added: 10/24/14Total Downloads347Last Week72
Provide fast offshore VPN service.Windows Version 126.96.36.199 ... Added: 10/01/12Total Downloads13,065Last Week54
Learn who's tracking your Google Chrome browsing behavior.Windows Version 5.4.1 ... Added: 01/27/15Total Downloads21,631Last Week50
The smartest VPN app on iOS now FREE! - No registration required - Unlimited bandwidth - Free giveaways every day - Accelerate websites from...iOS Version 1.2.4 ... Added: 03/23/15Total Downloads432Last Week38
Puffin Web Browser is a wicked fast Mobile Flash Browser. Once users experience the thrilling speed of Puffin, regular mobile Internet feels like...iOS Version 4.1.4 ... Added: 03/03/15Total Downloads8,426Last Week38
The often imitated but never duplicated My Mixtapez.Key features: Download Unlimited Mixtapes Stream Unlimited Mixtapes Share music statuses with...iOS Version 4.8 ... Added: 03/09/15Total Downloads519Last Week34
Puffin Web Browser is wicked fast. Once users experience the thrill of using Puffin, regular mobile Internet just feels like torture. Puffin Web...iOS Version 4.1.2 ... Added: 02/02/15Total Downloads9,874Last Week34
FullContact is your unified address book, giving you a complete picture of your contacts from your phone and social networks. * Add social profiles...iOS Version 4.0 ... Added: 02/02/15Total Downloads49Last Week29
**App Store Best of 2014**Escape to the world of farming, friends and fun! Go on farm adventures to collect rare goods and craft new recipes. Raise...iOS Version 2.7.189 ... Added: 03/10/15Total Downloads1,693Last Week28
You're going for a ride - from the creators of FRUIT NINJA! Now updated to support the beautiful Retina display for the new iPad!** Winner ** -...iOS Version 1.7.5 ... Added: 11/04/14Total Downloads12,119Last Week26
** This is The Voice: On Stage! The official game and music video tool for the worldwide hit TV show The Voice. NOW WITH MUSIC VIDEOS ** Can you...iOS Version 3.1.2 ... Added: 02/11/15Total Downloads4,324Last Week26
Learn how to create articles on your own.Windows Version 3.0 ... Added: 03/22/11Total Downloads4,802Last Week25
LIBON OUT: NATIONAL & INTERNATIONAL CALLS TO LANDLINES AND/OR MOBILES! Call all your contacts, even if they are not on Libon Call the landlines and...iOS Version 3.11 ... Added: 03/26/15Total Downloads4,598Last Week25
FREE unlimited text and picture messaging. Chat with your Facebook friends, too!Android Version 1.2.3 ... Added: 11/26/11Total Downloads6,625Last Week24
GLOBAL TV POWERED BY FANSDownload the Viki app, to watch the best global TV shows, movies, entertainment news and more On-the-Go, translated into...iOS Version 3.9.1 ... Added: 03/10/15Total Downloads3,100Last Week24
BartVPN is a service protecting online activity by tunnelling connections through secure servers.Mac Version 0.5.47 ... Added: 11/30/12Total Downloads1,353Last Week21
Waze is one of the world's largest community-based traffic and navigation apps. Join drivers in your area who share real-time traffic & road info...iOS Version 3.9 ... Added: 10/21/14Total Downloads4,586Last Week21
Fight for your honor in epic, explosive online multiplayer tank battles. Iron Force pits you and your friends against commanders from all over the...iOS Version 1.8.5 ... Added: 03/10/15Total Downloads1,622Last Week19

subset: commoncrawl


text:
I want to delete first 10 records(i.e. records 1 to 10) from my table in SQLite if the record count is 110. Only 100 records I want in my table. If record count is more than 100 then those records should be deleted, as a result if I add new records then also only 100 records should be present. How could it be possible using SQLite query, please provide your suggestions. Thanks.
Take the 2-minute tour ×
Stack Overflow is a question and answer site for professional and enthusiast programmers. It's 100% free, no registration required.
I gather you want to maintain 100 rows in your table by removing the first 'X' rows every time your table grows beyond 100 rows. Here is what you can do:
This will keep removing the first 'X' rows as and when your SQLite table grows.
First you have to do a select that returns the last 100 records in your table, then use the delete command to remove all ids not in the result, something like this:
Hope this helps!
I'm not entirely sure if that's correct and I don't have the ability to check at this moment.


text:
Food & Drink
2014's Top New Restaurants In South Florida
Great restaurants are constantly opening in South Florida for every type of palate and these five that opened this year are no exception.
Dominique DeVito's Bacon-Wrapped Meatloaf Recipe
Dominique DeVito shares her recipe for bacon-wrapped meatloaf from her book "Low-Card Slow Cooking," out now from Cider Press Mill.
Ask A South Florida Expert: Christmas Cookie Recipes
One of South Florida's best pastry chefs, Mahmoud Herabi, shares three delicious cookie recipes so families can bake at home.
Jazz Up Your Eggnog With These 3 Holiday Recipes
Why settle for plain store-bought eggnog when you can doctor it up with a few more ingredients to create something extra special?
Top Restaurants Open On Thanksgiving In South Florida
An alternative option to producing a photo-worthy, home-cooked meal at Thanksgiving is to get the family together and dine at some of South Florida's fantastic restaurants that will be open on Thanksgiving.
Top Pumpkin Dishes In South Florida
Pumpkin season has arrived and restaurants are pulling out all the stops to draw in pumpkin purveyors.
The 3 Best Thanksgiving Day Pie Recipes
Three new great pie recipes for you to add to your Thanksgiving table. Bring all three and really impress the family this year.
Ask A South Florida Expert: Your Top Thanksgiving Pie Recipe
Thanksgiving is the best holiday of the year that brings memories of cool fall days, football and a big, tasty dinner with turkey, greens, potatoes and dessert. Pies are usually the desired selection and a South Florida expert gives two recipes to make a great pie that create more memories.
Best Non-Traditional Ways To Cook A Turkey
Think outside the oven this Thanksgiving with these non-traditional ways to cook your turkey main dish.
Top Ice Cream Sundaes In South Florida
There's something special about a sundae and these South Florida sundaes take the cake. Find out where the best local sundaes are from the sloppy to the sumptuous and try to control your sweet tooth.


text:
Victorinox Travel Gear Altius™ 3.0 Oslo Leather Passport Cover
Victorinox Travel Gear Altius™ 3.0 Oslo Leather Passport Cover
Weights & Dimensions
|Product Category: Luggage Accessories
|Product Type: Passport Covers
|Color: Black
|Material: Leather
|Accessory Set: No
|RFID Blocking: No
|Solar Powered: No
|Metal Detector Safe: Yes
|Lighted: No
|ID Included: Yes
|Pockets: Yes
|Microwave Safe: No
|Dishwasher Safe: No
|Washing Machine Safe: No
|Machine Drying Safe: No
|Eco-Friendly: No
|Product Care: Clean with a warm wet cloth.
|Country of Manufacture: Imported
|Assembly Required: No
|Additional Parts Required: No
|Product Warranty: Lifetime
Still have questions about this product? We're here to help
Victorinox Travel Gear Altius™ 3.0 Oslo Leather Passport Cover
About the ManufacturerIn 1897 the Original Swiss Army Knife was created in the small village of Ibach, Switzerland. Since that time, Victorinox has become well-known in more than 100 countries for precision, quality, functionality and versatility. This century old heritage has been extended to Swiss Army Watches and Victorinox Luggage, which reflect the ingenious design and outstanding durability Victorinox has come to stand for over the years. Uncompromising craftsmanship makes all Victorinox products worthy to carry the "cross and shield" emblem that symbolizes the legend of Victorinox and the Swiss Army Brand.
Tell us what you think!
Tell us what you think about this product. It will help us provide you with better products in the future and help your fellow shoppers make better purchases.Write the first review


text:
L'Oreal Smooth Intense Anti-Frizz Serum
253 reviews
85% would repurchase
Package Quality: 3.9
Price: $$
Package Quality: 3.9
Price: $$
INGREDIENTSCYCLOPENTASILOXANE ⢠DIMETHICONE ⢠CAPRYLIC/CAPRIC TRIGLYCERIDE ⢠DIMETHICONOL ⢠PARFUM / FRAGRANCE ⢠ARGANIA SPINOSA OIL / ARGANIA SPINOSA KERNEL OIL ⢠LINALOOL ⢠HEXYL CINNAMAL ⢠BENZYL SALICYLATE ⢠BENZYL ALCOHOL ⢠LIMONENE ⢠AMYL CINNAMAL ⢠CITRONELLOL ⢠ALPHA-ISOMETHYL IONONE ⢠HYDROXYISOHEXYL 3-CYCLOHEXENE CARBOXALDEHYDE ⢠GERANIOL ⢠ISOEUGENOL
on 4/18/2005 9:31:00 AM
Age: 36-43
Skin: Very Oily, Other, Not Sure
Hair: Red, Other, Other
Eyes: Hazel
product is discontinued. EMAIL ME at firstname.lastname@example.com if you have any and I will buy it! I can't believe they quit making this product. Almost the highest rated product on makeupalley
on 4/15/2005 9:36:00 PM
Age: 25-29
Skin: Combination, Tan, Neutral
Hair: Brown, Curly, Medium
Eyes: Brown
This is absolutely the best heat protectant one can buy at lowend/drugstore cheap prices. I hate the orange packaging, which put me off from trying it for so long, but let me just say, "This ranks way up there with my holy grail Paul Mitchell Super Skinny Serum." The only difference is the smell. I wish L'oreal's serum smelled better, but hey - for the price - this stuff is awesome. It's light-weight, doesn't build up or feel heavy or coating, a little goes a long way, and it really does protect my hair from getting damage from my flat iron. Works in wet or dry hair. This stuff lives up the the hype! It keeps my hair from curling up or frizzing in Hawaii's high humidity. This L'Oreal serum is also way better than Garnier's Sleek & Shine serum that gets lots of raves too.
on 4/7/2005 1:31:00 PM
Age: 19-24
Skin: Acne-prone, Other, Not Sure
Hair: Black, Other, Other
Eyes: Black
Wow! Pretty cool product. I used it with the Hair Masque from the same line....and it totally de-frizzed my hair. I had to perm my hair twice because they did it wrong the first time and it became badly dried and damaged. This serum completely turned my hair around to its normal de-frizzed state. I was a bit reluctant to get this at first because L'oreal is on PETA's companies that test list, but I guess this works. Can anybody suggest an alternative?
on 4/4/2005 3:57:00 PM
Age: 18 & Under
Skin: Combination, Other, Not Sure
Hair: Brown, Other, Other
Eyes: Green
I can't say a bad thing about this serum. my hair is sooooo shiny after using this! much like the other reviewers said, it smells great and you can't beat the price.
on 4/2/2005 10:53:00 AM
Age: 19-24
Skin: Combination, Other, Not Sure
Hair: Brunette, Other, Other
Eyes: Brown
Oh I love this. I have dry hair due to daily straightening, excessive colouring etc, and this makes is nice and soft, shiny and smooth. I use quite a lot on my sholder length hair to combat frizz, but it never looks greasy or over-loaded. Use on damp hair before drying, dry hair before straightening and/or as a finishing product. The price is good and it is better than loads of high end serums I have tried.
on 3/28/2005 9:03:00 PM
Age: 19-24
Skin: Normal, Other, Not Sure
Hair: Brown, Other, Other
Eyes: Brown
After trying many, many, I mean many anti-frizz products,(FF, Biosilk, FrizzEase, you name it) this is the best one.
My hair is color treated,medium in texture, wavy if left air-dried. It falls below my shoulder blades. Due to the straightening and the color, my hair is very frizzy. I mean straw like frizzy. After I apply this serum to my towel-dried hair, I can left it air dry, then apply the serum again, to achieve a soft romantic look, or I can blow dry it straight to get that model sleek hair.
Regardless of the style, this product is never heavy, but totally gets the job done. Because from my past experience, anti-frizz serums tend to be very heavy, weigh hair down. This one is an exception.
The scent of this product is light, and it doesn't linger.
Since the price is approx. $5 for a 3.4fl oz. bottle, I will buy it again. It totally beats the more expensive brands.
on 3/28/2005 11:47:00 AM
Age: 25-29
Skin: Combination, Fair, Not Sure
Hair: Blond, Wavy, Medium
Eyes: Green
This is awesome stuff! I swear it is almost identical to Oleo-Relax (they are made by the same company, but Kerastase is the high-end ($$$) version). I have tried so many serums looking for the perfect one, and this super cheap deal is the best! Found my HG!
on 3/27/2005 6:49:00 PM
Age: 25-29
Skin: Acne-prone, Olive, Warm
Hair: Brown, Wavy, Medium
Eyes: Brown
This great product. After reading the rave reviews I picked up this item for $2.50 at Ulta. I love that the consistency is so this and non greasy as a serum goes. At first I used a few drops prior to blow drying; but I recently tried it on my half-day old hair-do. It performed perfectly on my unrulely dry hair. It so thin and light that it didn't weigh my hair down like other serums. This is one of the best serums I've used, regardless of price.
on 3/25/2005 7:35:00 PM
Age: 19-24
Skin: Oily, Fair, Not Sure
Hair: Brown, Other, Other
Eyes: Hazel
I LOVE this. This is the only hair serum I have found that doesn't make my hair a greasy, flat mess. I have normal, untreated healthy hair but wanted a product to use for heat styling. Just one or two pumps is enough for my below shoulder length hair. I apply it before blow drying from the mid-shaft to the ends. I blow dry and voila- smooth, incredibly shiny hair that is not weighed down. I also slather it on when I put my hair up or overnight for a treatment and my hair is always silky soft, easy to comb, greaseless and weightless. I also love the scent and the price is fabulous-only six bucks! This is the only hair serum I will ever use. I highly recommend it.
on 3/6/2005 11:21:00 PM
Age: 18 & Under
Skin: Sensitive, Tan, Neutral
Hair: Black, Other, Fine
Eyes: Brown
WOW! This is amazingggg! It has the prettiest scent, and it really makes my hair smooth without weighing it down, or making it feel & look greasy! I'm hooked!
Popular Styling Products


text:
Been here three times now and the staff is always pleasant and accommodating - I saw poor reviews of this place and must disagree. It is Hampton inn not the Ritz but a good reliable friendly place at a decent price.
- Reservation Options:
- TripAdvisor is proud to partner with Travelocity, Cheap Tickets, Expedia, Booking.com, Orbitz, BookIt.com, Hilton Hotels, Hotels.com, Odigeo and Tingo so you can book your Hampton Inn & Suites Williamsburg-Richmond Rd. reservations with confidence. We help millions of travelers each month to find the perfect hotel for both vacation and business trips, always with the best discounts and special offers.
- Also Known As:
- Hampton Hotel Williamsburg
- Hampton Inn And Suites
- Williamsburg Hampton Inn


text:
Martinez said following a 6-4 win over Baltimore on Thursday that he's experiencing some soreness in his surgically-repaired left knee. The team announced he was scratched due to rain in the forecast, per MLive.com. He remains in Detroit's tentative lineup for Saturday's home game against the Cardinals.
Manager Brad Ausmus told reporters earlier in the day that he noticed a "hitch" in Martinez's step recently since he made his Grapefruit League debut on Sunday. Martinez was noticeably limping after beating out a single in the second inning, and remained in the game. His first home run of the spring came in the eighth inning.
"Thinking back, he sort of ran that way last year," Ausmus said. "He's always had, I don't want to call in a gimp, but he always had a little hitch in his step when he ran. Even a year ago. That may be a result of the first knee surgery."
Martinez told Ausmus he feels fine, and Ausmus said he'll trust his designated hitter moving forward.
"(Martinez) says he feels good. I talked to him (Wednesday)," Ausmus said. "At least he says he feels good. So I'm gonna trust him on that."
"I was looking at his grades the other day when he came out as a free agent. He's running like that again, he's throwing. He's an above-average thrower.
"Delmon is an option for us in the outfield. He's not a pure DH and that was one of the reasons why we wanted to bring him back. He's a little better out there than people think he is. It may not always look aesthetically pleasing, but tell me one time last year where you went, 'Wow, that really hurt.' He takes a lot of pride in it."
Napoli had been sidelined since March 18, while Ortiz last appeared in a spring game March 16.
Manager Paul Molitor recognizes the power that Vargas has at the plate, but wants him to work on his swing-path.
"We all know he can hit them extremely far," Molitor said, "but that's part of the swing-path things we're working on with him so he doesn't come around the ball too much. He didn't keep it fair that much, but he did."
Although Vargas is currently the team's designated hitter, Molitor wants to be sure he is ready to play first base behind Joe Mauer.
"I don't want him to get comfortable with that idea," Molitor said. "We all know that's probably a role that he would most likely fill than any other. We're trying to be creative with ways to keep him sharp defensively. I've been putting him out there as much as I can."
Molitor also recognizes that Vargas is improving as a fielder.
"He's obviously better," he said. "I've seen Kennys for a lot of years over on the other side. He's put the time in, but he's not overly mobile and he needs to build his stamina where he can play defense for 150-200 pitches a game."
"We start out a certain way, and then if things transpire, we change our minds," Melvin said. "But we're all about trying to get the best lineup out there on a particular day."
Davis took 92 percent of his at-bats against right-handed pitching last season.
"It is what it is -- just have to play the game when they tell you to play the game," Davis said of the planned platoon. "I had some success platooning last year, so I hope to build on it and continue getting better.''
Davis is in the midst of a fine spring, going 11 for 22 and drawing three walks.
"Everything just tied up on me and I started feeling sore. I couldn't run," he told WEEI.com. "I've had it before. The minute I started feeling that way I went to the doctor and they already knew.
"I don't know why people would criticize. Dehydrating is part of being human. You know how hot it's been down here? I dehydrate and then I caught a bad cold. So all these symptoms get all your joints tied up, which normally happens. I started feeling soreness, so they shut me down. Now I'm starting to regroup and feel better. I have this thing I've got to manage the right way."
Ortiz is scheduled to make his return to the lineup Thursday against the Twins. He has totaled just 19 plate appearances, but he is not worried about being ready for the start of the season.
"I've got to be smart about it. I'm not 20 anymore, and this ball club needs me for the season," he said. "I see people getting worried about me in spring training and I'm like, 'What's going on? I thought the season was more important than spring training.' But I understand. I get the memo. I know when people don't see you playing out there, which is something everybody normally does, they start worrying. But everything is going to be fine for the season."
Now that he is in his first year with Oakland, Butler is looking to restore his power swing and help the A's chase a World Series title.
"I was brought in to be a middle-of-the-order bat and to be a force in the lineup -- to drive in a lot of runs," Butler said, per MLB.com. "Extra-base hits are big for guys in the lineup. [While I'm not aiming for] any certain numbers ... run production is a big part [of] me contributing to this team.
"I'm out to prove that I'm a valuable piece [of] a championship team. I'm a little sour the Giants beat me in the World Series. It's the Bay Area, [so I want to] go get the [Bay Bridge Series] when we play them this year. So I'm excited for that."
Martinez, who is making his way back from knee surgery, made his Grapefruit League debut on Sunday. He has been held without a hit in three at-bats this spring.


text:
The Dow Jones Industrial Average is overdue for a makeover. The world's most famous stock index hasn't adjusted its component companies since 2009, during which time Apple aapl -0.7968448164842241% Apple Inc. U.S.: Nasdaq USD123.25 -0.99 -0.7968448164842241% /Date(1427490000802-0500)/ Volume (Delayed 15m) : 38603966 AFTER HOURS USD123.1 -0.15 -0.12170385395537525% Volume (Delayed 15m) : 942185 P/E Ratio 16.499330655957163 Market Cap 717900196777.344 Dividend Yield 1.5253549695740365% Rev. per Employee 2153110 More quote details and news » (ticker: AAPL) has emerged as the world's most valuable company, with a market value of $570 billion. Also conspicuous by its absence from this elite list is Google GOOG -1.2302537961345175% Google Inc. Cl C U.S.: Nasdaq USD548.34 -6.83 -1.2302537961345175% /Date(1427490000248-0500)/ Volume (Delayed 15m) : 1874735 AFTER HOURS USD548.3 -0.04 -0.0072947441368494% Volume (Delayed 15m) : 17588 P/E Ratio 27.058074639901704 Market Cap 376343753218.795 Dividend Yield N/A Rev. per Employee 1228170 More quote details and news » (GOOG), the online advertising-and-search behemoth. Both represent major shifts in the global business landscape in ways that current Dow components such as Hewlett-Packard hpq -1.6244923461418306% Hewlett-Packard Co. U.S.: NYSE USD31.49 -0.52 -1.6244923461418306% /Date(1427490069152-0500)/ Volume (Delayed 15m) : 19206012 AFTER HOURS USD31.52 0.03 0.09526833915528739% Volume (Delayed 15m) : 440048 P/E Ratio 11.838345864661655 Market Cap 57234931233.1637 Dividend Yield 2.0323912353127978% Rev. per Employee 363454 More quote details and news » (HPQ) and Alcoa aa -1.3975155279503106% Alcoa Inc. U.S.: NYSE USD12.7 -0.18 -1.3975155279503106% /Date(1427490019171-0500)/ Volume (Delayed 15m) : 16827929 AFTER HOURS USD12.69 -0.01 -0.07874015748031496% Volume (Delayed 15m) : 165557 P/E Ratio 60.476190476190474 Market Cap 15522904979.2717 Dividend Yield 0.9448818897637795% Rev. per Employee 404780 More quote details and news » (AA) do not.
Yet admitting Apple or Google -- or any other high-priced stock -- would be difficult, given the way the index is calculated. Rather than weighting component companies based on market value, as the Standard & Poor's 500 and most other major indexes do, the Dow weights its 30 components based on the absolute price of their shares
With a price of around $605, Apple's shares would overwhelm the index with a 26% weighting. That is double the influence of current Dow component International Business Machines ibm -0.11831371816426926% International Business Machines Corp. U.S.: NYSE USD160.4 -0.19 -0.11831371816426926% /Date(1427490157734-0500)/ Volume (Delayed 15m) : 3385220 AFTER HOURS USD160.7 0.3 0.18703241895261846% Volume (Delayed 15m) : 92703 P/E Ratio 13.366666666666667 Market Cap 158543205368.506 Dividend Yield 2.743142144638404% Rev. per Employee 244455 More quote details and news » (IBM), whose $207 stock price gives it a 12% weight in the index. Given its big daily swings, Apple alone could move the Dow regularly by 100 points or more. (The 9% jump in the stock after Apple reported blowout earnings last week, would have lifted the DJIA by nearly 300 points.)
As for Google, it is planning a stock split that would cut its share price in half, to about $300. But even at that level, it would have a hefty 15% weighting in the average.
One solution would be to adjust the way the Dow is calculated, capping the weighting of any stock at a fixed percentage, say 10%, which would ease the way for Apple and Google to enter the DJIA. Other potential index additions include Berkshire Hathaway brkb 0.6012724603230092% Berkshire Hathaway Inc. Cl B U.S.: NYSE USD143.89 0.86 0.6012724603230092% /Date(1427490077693-0500)/ Volume (Delayed 15m) : 3382851 AFTER HOURS USD143.98 0.09 0.06254777955382584% Volume (Delayed 15m) : 97850 P/E Ratio 17.133841390807333 Market Cap 355588028061.919 Dividend Yield N/A Rev. per Employee 616054 More quote details and news » and Wells Fargo wfc -0.6972477064220184% Wells Fargo & Co. U.S.: NYSE USD54.12 -0.38 -0.6972477064220184% /Date(1427490032437-0500)/ Volume (Delayed 15m) : 13173708 AFTER HOURS USD54.06 -0.06 -0.11086474501108648% Volume (Delayed 15m) : 426578 P/E Ratio 12.948917334609403 Market Cap 278479052589.86 Dividend Yield 2.5868440502586845% Rev. per Employee 340658 More quote details and news » (WFC), which pose no problem under the current calculation system because Berkshire's class B shares (BRK/B) fetch around $80, and Wells Fargo traded late last week at $34.
Candidates for Inclusion
Apple and Google are the leading candidates to enter the Dow Industrials if the Dow's guardians find a way to handle their high stock prices. Alcoa will probably be the next stock to come out of index. Other vulnerable Dow members are Bank of America and Hewlett-Packard.
|Index committee should find way to add Apple
|Important and valuable company also should be in Dow
|No need to add Internet retailer: It doesn't earn much
|High profits, high stock price make it a good candidate for inclusion
|Most valuable financial company merits look as DJIA addition
|With five tech stocks in the Dow, the database outfit may not make cut
|*After pending 2-for-1 stock split. Source: Bloomberg
The three most likely stocks to come out of the Dow are Alcoa, Bank of America bac -0.7133592736705577% Bank of America Corp. U.S.: NYSE USD15.31 -0.11 -0.7133592736705577% /Date(1427490364673-0500)/ Volume (Delayed 15m) : 71799034 AFTER HOURS USD15.29 -0.02 -0.13063357282821686% Volume (Delayed 15m) : 1341791 P/E Ratio 42.52777777777778 Market Cap 161067334395.004 Dividend Yield 1.3063357282821686% Rev. per Employee 436397 More quote details and news » (BAC) and Hewlett-Packard. Alcoa probably would be the first to go because its $11 billion market value makes it the smallest stock, by far, in the average. And given its price around $10, it has very little impact on the Dow. A 50% move in Alcoa would push the index up by just 38 points. Bank of America shares are now near just $8, while HP, at $25, is down 50% over two years, and has ceased to be a tech bellwether.
The Dow, which took its modern form in 1896, is calculated in an old-fashioned way, by adding up the share prices of its 30 components and then multiplying the sum by a variable, now set at 7.58, to get the current index value of 13,228. This allows the index to be tallied with a pencil and paper. (Multiplying the sum of the 30 stock prices by 7.58, or dividing the sum by a variable divisor, currently 0.132, enables the value of the average to remain constant whenever components change.)
BEHIND THE DOW'S APPLE PROBLEM is the growing unwillingness of companies to split their shares. Corporate executives seem to take pride in having high-priced stocks, and individual investors no longer are intimidated by them. "Nobody is scared of a $100 stock or a Google or Apple at $600," says Howard Silverblatt, the senior index analyst at S&P.
For most of its existence, the Dow was regularly rebalanced when companies with high-priced shares split them, with a two-for-one split cutting a component's weighting in half. It used to be common for a company to announce a split when its shares topped $100, and splits often occurred at even lower prices as companies sought to keep their stocks in the $30-to-$40 range, so that individuals could more easily afford a "round lot" of 100 shares.
Coca-Cola KO -0.6691449814126395% Coca-Cola Co. U.S.: NYSE USD40.08 -0.27 -0.6691449814126395% /Date(1427490063767-0500)/ Volume (Delayed 15m) : 14066040 AFTER HOURS USD40.02 -0.06 -0.1497005988023952% Volume (Delayed 15m) : 318321 P/E Ratio 24.74074074074074 Market Cap 175089214014.575 Dividend Yield 3.2934131736526946% Rev. per Employee 355503 More quote details and news » (KO) last week said it plans a two-for-one stock split. That would be their first by a Dow component since Caterpillar CAT -0.2628943415122684% Caterpillar Inc. U.S.: NYSE USD79.67 -0.21 -0.2628943415122684% /Date(1427490013965-0500)/ Volume (Delayed 15m) : 6039975 AFTER HOURS USD79.57 -0.1 -0.125517760763148% Volume (Delayed 15m) : 297001 P/E Ratio 13.322742474916389 Market Cap 48293323157.6532 Dividend Yield 3.5144973013681438% Rev. per Employee 483083 More quote details and news » (CAT) made a two-for-one distribution in 2005. Splits are way down among S&P 500 components, with just 12 occurring last year, compared with 35 in 2005 and 100 in 1997. As a result, there are 47 S&P stocks priced at $100 or more.
The lack of splits poses additional difficulties for the Dow because high-priced components such as IBM exercise a growing impact, while low-priced members like Bank of America, Alcoa and General Electric ge 0.24193548387096775% General Electric Co. U.S.: NYSE USD24.86 0.06 0.24193548387096775% /Date(1427490007374-0500)/ Volume (Delayed 15m) : 27069801 AFTER HOURS USD24.84 -0.02 -0.08045052292839903% Volume (Delayed 15m) : 1250755 P/E Ratio 16.433104177683767 Market Cap 250278056144.714 Dividend Yield 3.7007240547063556% Rev. per Employee 488328 More quote details and news » (GE) get marginalized.
"A system that worked for over a century may need to be adapted to include higher-priced stocks," says Silverblatt. He acknowledges that changing the DJIA's format won't be easy, which may be why an Apple-friendly alteration hasn't happened yet.
Silverblatt says that any changes "would have to be functional, understandable and maintain the integrity of the index." This is especially important because a large exchange-traded fund, the SPDR DJIA ETF Trust dia 0.1869900271985494% SPDR Dow Jones Industrial Average ETF Trust U.S.: NYSE Arca 176.81 0.33 0.1869900271985494% /Date(1427490000177-0500)/ Volume (Delayed 15m) : 3694683 AFTER HOURS 176.81 % Volume (Delayed 15m) : 277138 P/E Ratio N/A Market Cap N/A Dividend Yield 2.1117583847067474% Rev. per Employee N/A More quote details and news » (DIA), known as the Dow Diamonds, and other index funds track the Dow Industrials. If index members are capped in their weighting, there would have to be a rebalancing policy, perhaps annually, to enforce the weightings.
There's precedence for a capped weighting because the Nasdaq 100 index, the basis for the popular exchange-traded fund PowerShares QQQ Trust qqq 0.39961941008563273% PowerShares QQQ Trust Series 1 U.S.: Nasdaq 105.52 0.42 0.39961941008563273% /Date(1427490000159-0500)/ Volume (Delayed 15m) : 31838290 AFTER HOURS 105.46 -0.06 -0.05686125852918878% Volume (Delayed 15m) : 2040095 P/E Ratio N/A Market Cap N/A Dividend Yield 0.9403335860500379% Rev. per Employee N/A More quote details and news » (QQQ), now limits the weight of any member to 24% after cutting Apple's weighting to 12% from 20% in a surprise special rebalancing last year. A 10% Dow cap could also limit the already sizable impact of IBM, if the index's guardians want to apply a threshold to existing components. If Apple's weighting were capped, only part of its daily moves would be reflected in the Dow.
Another solution would be to scrap the Dow's price weighting entirely and move to a market-cap system like the S&P 500. That, however, would destroy one of the distinctive qualities of the Dow, and make it resemble the S&P 500.
None of these ideas sit well with John Prestbo, the executive director of the Dow Jones Indexes, including a capped weighting for Apple. "It would be a methodological mess," he asserts. "You'd have a 29½-stock index."
"My job and that of the index committee is to administer the Dow so that it does its job of reflecting the stock market, not to get companies into the Dow that people want," Prestbo says. "Everybody is in love with Apple because it keeps defying gravity. That doesn't mean the Dow isn't doing its job of reflecting the market. Apple certainly qualifies in every respect except one, price."
Prestbo notes that with its limited size, the Dow cannot include all leading companies; Berkshire Hathaway and Comcast CMCSA 0.053657664103022716% Comcast Corp. Cl A U.S.: Nasdaq USD55.94 0.03 0.053657664103022716% /Date(1427490000065-0500)/ Volume (Delayed 15m) : 12391782 AFTER HOURS USD55.94 % Volume (Delayed 15m) : 2473242 P/E Ratio 17.265432098765434 Market Cap 142035165954.424 Dividend Yield 1.7876296031462282% Rev. per Employee 494784 More quote details and news » (CMCSA), for example, are not included.
The reality, however, is that the Dow amounts to a 20- or 25-stock average now, because the lowest-priced stocks matter little. Bank of America is up 50% this year, the best percentage gain of the Dow 30, but its effect has been minimal because of its low price, chipping in just 20 points, or 2%, of the index's 1010-point gain in 2012. IBM, the key driver in recent years, has led the Dow in 2012, accounting for 16% of the index's rise, even though its percentage gain is a more modest 12%.
SOME AGREE WITH PRESTBO that it isn't worth tampering with the Dow to include Apple or Google. "The Dow is still a relevant and important indicator that tracks the market closely," says Jeff Rubin of Birinyi Associates, a stock-market-research and money-management firm in Greenwich, Conn. "It's what the individual investor focuses on."
Rubin questions, however, whether the lowest-priced stocks need to be in the index because they have so little impact. He points out that the correlation of the Dow Industrials with the S&P 500 is more than 90%. This means the two indexes tend to move together, although not in lockstep. The Dow bested the S&P 500 in 2011, rising 8.4% (including dividends), better than the 2.1% total return in the S&P 500. So far this year, the S&P 500 is ahead, with an 11% gain, 3 percentage points better than the Dow, largely due to Apple's 50% gain.
In the past five years, the Dow, even without Apple, has returned 3% a year, on average, compared with 1% for the S&P.
Prestbo acknowledges the split issue, saying, "If current trends continue unabated, we would have to take action. All 30 stocks must work together to tell the story of the stock market." That could mean the addition of higher-priced stocks such as Berkshire to dilute the impact of IBM, or perhaps even IBM's removal if its stock continues to rise and is not split.
The fate of the Dow could soon be in the hands of Standard and Poor's because its parent, McGraw-Hill (MHP), agreed last November to form an indexes joint venture with CME Group CME -0.13714526848823716% CME Group Inc. Cl A U.S.: Nasdaq USD94.66 -0.13 -0.13714526848823716% /Date(1427490000241-0500)/ Volume (Delayed 15m) : 1206159 AFTER HOURS USD94.4505 -0.2095 -0.2213184027044158% Volume (Delayed 15m) : 22951 P/E Ratio 28.089020771513354 Market Cap 31932997662.0161 Dividend Yield 2.1128248468201987% Rev. per Employee 1161380 More quote details and news » (CME), parent of the Chicago Mercantile Exchange, which now owns 90% of Dow Jones Indexes. McGraw-Hill would hold 73% of the combined business, CME, 24%, and Dow Jones, 2.6%. Dow Jones, the parent of Barron's, is owned by News Corp. The deal should close in the next few months, pending antitrust approval.
The Dow has no timetable for shuffling its components, but a new company or two might be added in the coming year, given that the last change occurred in 2009, when Travelers TRV 0.2808199943836001% Travelers Cos. Inc. U.S.: NYSE USD107.13 0.3 0.2808199943836001% /Date(1427490119569-0500)/ Volume (Delayed 15m) : 1434681 AFTER HOURS USD106.976 -0.154 -0.14375058340334174% Volume (Delayed 15m) : 33162 P/E Ratio 9.89196675900277 Market Cap 34428258805.7492 Dividend Yield 2.053579762904882% Rev. per Employee 900265 More quote details and news » (TRV) replaced Citigroup C -0.3711662434069154% Citigroup Inc. U.S.: NYSE USD51 -0.19 -0.3711662434069154% /Date(1427490017721-0500)/ Volume (Delayed 15m) : 15655208 AFTER HOURS USD51.02 0.02 0.0392156862745098% Volume (Delayed 15m) : 397158 P/E Ratio 23.076923076923077 Market Cap 154781638183.594 Dividend Yield 0.0784313725490196% Rev. per Employee 390166 More quote details and news » (C), whose stock had been hammered in the financial crisis and fell below $5, making it meaningless in the average. Citi has since had a one-for-10 reverse split. Since 1991, half of the stocks in the Dow 30 have been replaced.
THE INDEX'S PRICE WEIGHTING results in some quirks. IBM has almost twice the combined weighting of the Dow's four other tech members, Cisco Systems csco 0.14765596160945% Cisco Systems Inc. U.S.: Nasdaq USD27.13 0.04 0.14765596160945% /Date(1427490000723-0500)/ Volume (Delayed 15m) : 19594056 AFTER HOURS USD27.13 % Volume (Delayed 15m) : 870416 P/E Ratio 16.05325443786982 Market Cap 138491558533.316 Dividend Yield 3.0962034647991152% Rev. per Employee 649402 More quote details and news » (CSCO), Microsoft msft -0.5823829167677748% Microsoft Corp. U.S.: Nasdaq USD40.97 -0.24 -0.5823829167677748% /Date(1427490000698-0500)/ Volume (Delayed 15m) : 33299525 AFTER HOURS USD41.01 0.04 0.0976324139614352% Volume (Delayed 15m) : 1101873 P/E Ratio 16.388 Market Cap 336109087865.949 Dividend Yield 3.026604832804491% Rev. per Employee 728656 More quote details and news » (MSFT), Hewlett-Packard and Intel INTC 6.382978723404255% Intel Corp. U.S.: Nasdaq USD32 1.92 6.382978723404255% /Date(1427490000596-0500)/ Volume (Delayed 15m) : 70805630 AFTER HOURS USD31.87 -0.13 -0.40625% Volume (Delayed 15m) : 3051596 P/E Ratio 13.333333333333334 Market Cap 151552000000 Dividend Yield 3% Rev. per Employee 523618 More quote details and news » (INTC), which all trade in the $19 to $32 range. IBM also has about 10 times the weighting of GE, even though the two have similar market values -- and comparable weights in the S&P 500.
Other big contributors to the Dow are Chevron cvx -0.9216152019002375% Chevron Corp. U.S.: NYSE USD104.28 -0.97 -0.9216152019002375% /Date(1427490017551-0500)/ Volume (Delayed 15m) : 5626193 AFTER HOURS USD104.25 -0.03 -0.028768699654775604% Volume (Delayed 15m) : 204147 P/E Ratio 9.53251549445125 Market Cap 196065173705.835 Dividend Yield 4.10433448408132% Rev. per Employee 2963760 More quote details and news » (CVX), Caterpillar, McDonald's mcd -0.6964358869315854% McDonald's Corp. U.S.: NYSE USD96.96 -0.68 -0.6964358869315854% /Date(1427490018090-0500)/ Volume (Delayed 15m) : 4149068 AFTER HOURS USD97.05 0.09 0.09282178217821782% Volume (Delayed 15m) : 493314 P/E Ratio 19.991752577319588 Market Cap 93190099159.1318 Dividend Yield 3.5066006600660065% Rev. per Employee 65336.4 More quote details and news » (MCD) and 3M mmm 0.5596900178362753% 3M Co. U.S.: NYSE USD163.5 0.91 0.5596900178362753% /Date(1427490213145-0500)/ Volume (Delayed 15m) : 1680818 AFTER HOURS USD163.5 % Volume (Delayed 15m) : 41843 P/E Ratio 21.400523560209425 Market Cap 103781625000 Dividend Yield 2.507645259938838% Rev. per Employee 354354 More quote details and news » (MMM) (see table below). The top five Dow stocks account for 34% of the index, while the bottom five -- Alcoa, Bank of America, GE, Pfizer pfe 1.0831381733021077% Pfizer Inc. U.S.: NYSE USD34.53 0.37 1.0831381733021077% /Date(1427490149569-0500)/ Volume (Delayed 15m) : 21758937 AFTER HOURS USD34.56 0.03 0.08688097306689835% Volume (Delayed 15m) : 1081464 P/E Ratio 24.153609401231115 Market Cap 212025724984.944 Dividend Yield 3.2435563278308717% Rev. per Employee 633525 More quote details and news » (PFE), and Cisco, have a combined 5% weighting. Travelers is an important Dow component, despite having the average's second-smallest market value.
Same Companies, Different Weightings
The 30 stocks in the Dow Jones Industrial Average also are in the S&P 500 index but they generally have much different weightings in the Dow due to the index's price-weighting methodology. IBM is No. 1 in the Dow while Apple, not shown, is the top stock in the S&P, because it has the index's largest market value.
|Percentage of
|Dow In*
|*Year of most recent addition. Sources: Standard & Poor's; Dow Jones Indexes
As the largest company by market value and one of the biggest measured by profits, Apple deserves to be in the Dow, and so does Google, which has turned its dominant search engine into a lucrative advertising business; the company has a market value of $200 billion. Apple is the leading stock in the S&P 500 with a 4.5% weighting. It is harder to make a case that Amazon.com amzn 0.8738260514495713% Amazon.com Inc. U.S.: Nasdaq USD370.56 3.21 0.8738260514495713% /Date(1427490000734-0500)/ Volume (Delayed 15m) : 2561158 AFTER HOURS USD370.18 -0.38 -0.10254749568221071% Volume (Delayed 15m) : 48616 P/E Ratio N/A Market Cap 172082134901.406 Dividend Yield N/A Rev. per Employee 577469 More quote details and news » (AMZN) needs to be in the Dow. While Amazon has a lofty market capitalization of $102 billion, its emphasis on growth at the expense of earnings resulted in profits of just $631 million last year.
The Dow's leader, IBM, is well-managed and is the country's fourth-largest company, based on market value, behind Apple, ExxonMobil XOM -0.8776091081593927% Exxon Mobil Corp. U.S.: NYSE USD83.58 -0.74 -0.8776091081593927% /Date(1427490042248-0500)/ Volume (Delayed 15m) : 10338300 AFTER HOURS USD83.67 0.09 0.10768126346015794% Volume (Delayed 15m) : 1240999 P/E Ratio 11.007072024021177 Market Cap 350592192983.441 Dividend Yield 3.3022254127781765% Rev. per Employee 4357980 More quote details and news » (XOM), and Microsoft. But it isn't a major tech innovator, and generates minimal revenue growth.
If the Dow committee doesn't find a way to include high-priced stocks like Apple and Google, the next addition might be Berkshire Hathaway, whose relatively high class-B stock price, at $80, would make it an influential Dow member. Berkshire's class A shares fetch $120,000 and haven't been split since CEO Warren Buffett took control of the company in 1965. Now valued at $200 billion, Berkshire is far more than Buffett's investment vehicle, given its holdings in dozens of businesses, including the Burlington Northern Railroad and Mid-American Energy, which together produce $12 billion of net income annually.
AFTER BERKSHIRE, Wells Fargo may have the greatest chance of inclusion because it is one of the country's biggest banks and has a market value of $179 billion, No. 1 in the financial sector. Other candidates for admission include Oracle orcl -0.8141428239125378% Oracle Corp. U.S.: NYSE USD42.64 -0.35 -0.8141428239125378% /Date(1427490152242-0500)/ Volume (Delayed 15m) : 17745571 AFTER HOURS USD42.5 -0.14 -0.32833020637898686% Volume (Delayed 15m) : 285218 P/E Ratio 17.475409836065573 Market Cap 186211854639.24 Dividend Yield 1.4071294559099436% Rev. per Employee 318369 More quote details and news » (ORCL), Qualcomm qcom -0.19358201176382994% Qualcomm Inc. U.S.: Nasdaq USD67.025 -0.13 -0.19358201176382994% /Date(1427490000603-0500)/ Volume (Delayed 15m) : 8395410 AFTER HOURS USD67.025 % Volume (Delayed 15m) : 164967 P/E Ratio 13.934511434511435 Market Cap 110561765444.275 Dividend Yield 2.506527415143603% Rev. per Employee 861470 More quote details and news » (QCOM), and Philip Morris International pm 0.5894681687188892% Philip Morris International Inc. U.S.: NYSE USD76.79 0.45 0.5894681687188892% /Date(1427490102403-0500)/ Volume (Delayed 15m) : 4995551 AFTER HOURS USD76.4382 -0.3518 -0.45813256934496677% Volume (Delayed 15m) : 163286 P/E Ratio 16.13235294117647 Market Cap 118786454290.985 Dividend Yield 5.209011590050788% Rev. per Employee 359418 More quote details and news » (PM) because of their substantial market value and ample profits.
Apple probably would guarantee its admission to the Dow if it splits its shares by five-for-one or 10-for-one, but that doesn't look likely any time soon. Apple hasn't split its shares since 2005, and CEO Tim Cook said on a recent conference call that it doesn't see any benefit from doing so now.
Google effectively will split its shares two-for-one through the creation of a new class of nonvoting stock, but that move seems motivated more by the desire of its founders, Larry Page and Sergey Brin, to retain control than by a desire to create a lower-priced stock. Page actually has been dismissive of stock splits, calling them "stupid" when an employee brought up the idea, according to Ken Auletta's book Googled: The End of the World as We Know It. Page reportedly said, "If you own 10 shares at $40, or one share at $400, it's the same thing! You just need to know how to divide."
The Dow remains the most widely followed market index, even with its quirks and archaic calculation method. Yet the guardians of the Dow need to ensure that this benchmark, created in the 19th century, stays relevant for a 21st- century market.
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