The Dow: An index by any other name ...
News Corp. is reported to be shopping the Dow Jones index group. But it's unthinkable for the DJIA to have another name.
NEW YORK (CNNMoney.com) -- Dear Rupert Murdoch,
I've heard that you are considering selling the Dow Jones index business. It's understandable if you need to raise some cash for News Corp. (NWS, Fortune 500) Times are tough. It looks like you might have spent a billion or two (or three) too much on the publisher of The Wall Street Journal to begin with. MySpace isn't as hot as it used to be. And why do you still own money-losing book publisher HarperCollins?
But for the love of Charles Dow and Edward Jones (not to mention the often forgotten Dow Jones co-founder Charles Bergstresser), please make sure that any buyer decides to stick with the Dow Jones name. It has been reported that this caveat will likely be part of any deal.
I just hope that those reports are true and you aren't swayed to change your mind if say, former Morgan Stanley (MS, Fortune 500) index unit MSCI (MXB), Financial Times publisher Pearson (PSO) or any of the other rumored potential buyers do their best Vito Corleone and make you an offer you can't refuse.
Sure, if the Dow is sold and suddenly rebranded the NYSE Euronext (NYX, Fortune 500) 30 or Thomson Reuters (TRI) industrial average, that really wouldn't change anything about how the markets work.
In fact, the obsession over the Dow (mine included) is a tad silly since it is arguably the least important of the major market barometers. The S&P 500 is far more representative of the U.S. economy than the Dow given that it has 470 more companies in it.
Still, it's refreshing that during a time when a series of corporate takeovers lead to frequent name changes at places like office buildings and sports stadiums -- San Fran's Pacific Bell Park morphed into SBC Park and then AT&T Park in a span of less than 10 years -- some monikers never change.
The Dow Jones industrial average and its various sister indices have survived through both World Wars, the Great Depression and now the Great Recession. There's a history here.
And because the Dow has been around as long as it has, the one-day point swings are the ones that are big enough to grab headlines and capture the attention of more than just hardcore traders.
If you mentioned to most people that the Nasdaq is up or down 60 points, few would blink -- even though that's a sizeable percentage change. But when the Dow rises or falls 700 points, that gets everybody talking.
Plus, the Mutts of the MSCI doesn't have the same ring as the Dogs of the Dow. The FTSE may work in London, but just like warm beer and singer Robbie Williams, I don't think it's a British import that would be too popular on this side of the pond.
And don't even get me started on all that's wrong with having to possibly start typing the following sentence in the not-so-distant future: The Bloomberg industrial average fell 57 points Friday due to profit taking.
So Rupert, go ahead and sell the indexes if you must. I doubt anyone would shed any tears if you did that. Just make sure that you don't wind up causing the end of a century's worth of tradition in the process.
Talkback: If News Corp. sells the Dow Jones index group, should a buyer change the name of the Dow 30? Would you be upset if they did change the name? Share your comments below. 
