'This rebalancing came about because of a need for more technology in this index,' the 'Mad Money' host said.
"This is one of the great growth stocks of our era — it is up 72,000% since its IPO in 1983 — but it's no spring chicken. Amgen's more like the face of biotech in 2000 than the face of biotech in 2020," he said. "As a portfolio manager I wouldn't make this call, but they wanted a biotech, and Amgen's the biggest biotech, although definitely not the best or the most representative.
"The old United Technologies was a diversified industrial; the new Raytheon's an aerospace and defense play that's way too similar to another Dow Jones compadre: Boeing," he said. "Honeywell looks a lot like the pre-breakup United Technologies. They've got an aerospace division that's roughly 37% of the business, they've also got the building technologies division, performance materials, safety and productivity solutions.
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