Update the Industry Name of your U.S. Stocks

Each U.S. Company belongs to a specific industry. The Standard Industrial Classification, SIC, was created in 1937; it uses SIC codes to categorize business activities. It was replaced by the NAICS, which is the acronym for North American Industry Classification System, a new business classification created by the United States, Canada and Mexico.

A company or a stock always belongs to the industry that best describes its core business. The core business as well as the whole activity of a company is not fixed and a company can decide to make a strategic move and completely or progressively change its main activity. This move will have several consequences; one of them is the change of the company's industry and also maybe its sector.

In QuantShare, once you add a list of symbol for U.S. stocks for example, the list is fixed and it doesn't reflect the latest changes. However, it is possible to make the list auto-updates by creating downloaders that interact with symbol objects.
This is the purpose of this trading object. It automatically downloads the industry names of the different companies that compose the U.S. stock market and update the symbol's industry in case the industry of the company that corresponds to this symbol has changed.

The whole process is automatic; you simply need to start the downloader and the update will be completed within few seconds. You can also enable the auto-download for this item and schedule it to run once a week or a month for example.

A sector is associated with an industry and therefore cannot be linked directly to stocks or symbols. As a consequence, when the industry of a company changes, the company's sector automatically changes and will be equal to the sector that contains the new industry.

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