Johnson & Johnson (NYSE: JNJ) is playing catch-up to other DJIA healthcare players and the new yield is closer to 3.8%.  Call this the 50th consecutive year of dividend hikes.

Wednesday was a very different day in Big Oil.  Exxon Mobil Corporation (NYSE: XOM) went ahead and raised its dividend to catch its yield up to Chevron Corporation (NYSE: CVX).  Something strange happened along the way: Chevron went ahead and raised its dividend much sooner than expected… and on the same day! FULL STORY

The Coca-Cola Company (NYSE: KO) tried something new, or old.  It went back to the 1990s by announcing a stock split for the first time in well over a decade.

International Business Machines Corporation (NYSE: IBM) lifted its payout by 13% and showed why it may still rise to $230 over the next year.

From the Department of It’s About Time… The NASDAQ OMX Group, Inc. (NASDAQ: NDAQ) finally decided to do the right thing by initiating its first-ever dividend.

Investors rely heavily on utilities now for the high dividend yields of 5% or so.  In fact, utility stocks are the new CDs for safe income investors.  We saw two very different takes on the outlook for utilities and their dividends ahead.  This one hits American Electric Power Co., Inc. (NYSE: AEP) and several other key utilities.

Enjoy the rest of your weekend!

JON C. OGG

Today we have seen a diverging set of calls in the utility sector.  Bank of America Merrill Lynch has issued a somewhat cautious outlook, while Credit Suisse has talked up the risk-adjusted returns.  This is on the heels of a deep value and growth screen we ran on Exelon Corporation (NYSE: EXC); Entergy Corporation (NYSE: ETR); American Electric Power Co., Inc. (NYSE: AEP); and Public Service Enterprise Group Inc. (NYSE: PEG) as those utilities averaged dividend yields of close to 5%, were all large-cap, were down for the year so far, had operating margins of 15% or more, and a return on equity of at least 10%.

Credit Suisse’s outlook noted that there are still plenty of risk adjusted returns with the regulated utility group offering annual rates of return of 7% to 11%.  The breakdown is roughly 3% to 7% in earnings per share plus the $% to 5% in the dividend yields.  And on the risk side of the equation, CRedit Suisse sees a beta range of only 0.6 to 0.7 for the group.  The firm noted that this is a very compelling return in a low interest rate environment and fundamentally against the S&P 500 Index that would “require a minimum growth rate of 7% plus the 2.1% dividend yield to match the Utility stocks.”

Bank of America gave an earnings preview for the first quarter for utilities and brought up no winter, low earnings, and updating gas curves.  The mild weather is expected to drag down first quarter utility earnings by 6%.  The low natural gas price adjustments have been ratcheted down significantly from 2012 to 2014.   NV Energy, Inc. (NYSE: NVE) is noted as being expected to have a large dividend hike.

BofA also noted that Calpine Corporation (NYSE: CPN) has risen sharply and NRG Energy, Inc. (NYSE: NRG) and GenOn Energy, Inc. (NYSE: GEN) have both dropped sharply on the coal/gas switching theme, but the firm’s take is that the stocks may be extended too far on both sides as it does not see much change in guidance from any of the three companies.

It is always interesting when you see different calls when the same data is available.  It is a part of what makes a horserace.

JON C. OGG

The unofficial closing bells put the DJIA up about 65 points to 13,029.19 (0.5%), the NASDAQ fell more than 7 points (-0.24%) to 3.000.45, and the S&P 500 rose 0.12% or nearly 2 points to 1,378.53.

There were several analyst upgrades and downgrades today, including Bank of America Corp. (NYSE: BAC) cut to ‘sell’ at Credit Agricole; Chesapeake Energy Corp. (NYSE: CHK) cut to ‘market perform’ at Wells Fargo; Boston Beer Co. Inc. (NYSE: SAM) started as ‘neutral’ at UBS; Embraer SA (NYSE: ERJ) cut to ‘neutral’ at Goldman Sachs; and Plains All American Pipeline L.P. (NYSE: PAA) started as ‘overweight’ at Barclays.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: General Electric Co. (NYSE: GE) is up 1.4% at $19.41 (more coverage here); McDonald’s Corp. (NYSE: MCD) is up 0.7% at $95.90 (more coverage here); Kimberly-Clark Corp. (NYSE: KMB) is up 1.6% at $76.50 after posting a new 52-week intraday high of $77.09 (more coverage here); Alaska Air Group Inc. (NYSE: ALK) is down -0.4% at $34.55; Altera Corp. (NASDAQ: ALTR) is down -8.1% at $35.38; Capital One Financial Corp. (NYSE: COF) is up 0.05% at $53.96; Hanesbrands Inc. (NYSE: HBI) is up 11.7% at $30.09 (more coverage here); Sandisk Corp. (NASDAQ: SNDK) is down -12.2% at $35.55 (more coverage here); KeyCorp (NYSE: KEY) is down -0.06% at $7.87; American Electric Power Co. Inc. (NYSE: AEP) is up 1.1% at $38.29; Canadian Pacific Railway Ltd. (NYSE: CP) is up 0.8% at $77.08 (more coverage here); Cell Therapeutics Inc. (NASDAQ: CTIC) is flat at $1.16; and Royal Caribbean Cruises Ltd. (NYSE: RCL) is down -7.8% at $26.61.

We have a preview of next week’s big earnings reports here.

Other standouts from today include the following stocks:

Patriot Coal Corp. (NYSE: PCX) is down -8% at $6.19. The coal miner announced another mine closure today, along with a lowered production estimate. Patriot is scheduled to report earnings after markets close today.

Riverbed Technology Inc. (NASDAQ: RVBD) is down -28.6% at $19.89. The network equipment maker missed earnings expectations. More coverage here.

Rambus Inc. (NASDAQ: RMBS) is down -12% at $4.92. The dhip maker missed EPS estimates today and offered a lower-than-expected forecast.

Stay tuned for Monday. We have noted the following events on the schedule (all times Eastern):

• 11:30 a.m. – 3- and 6- month bill auction

Have a great weekend.

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24/7 Wall St. has formed a screening on the sector to see which high-yielding utilities may have finally priced in the worst of the news. We ran a screen on Finviz.com looking for the best of the best utilities. In our screen, we chose the following criteria:

• Market cap of $5 billion or more
• Daily trading volume of at least 1 million shares
• Dividend yield of 4%
• Year-to-date stock performance was negative
• Return on equity was at least 10%
• Operating margin of 15% or more
• Debt-to-equity under 1.4-times

The Utilities Select Sector SPDR (NYSE: XLU) managed to close up 0.6% at $34.87. Our screen turned up only four of the following utility leaders, with the key criteria being by dividend yield (highest to lowest): Exelon Corporation (NYSE: EXC); Entergy Corporation (NYSE: ETR); American Electric Power Co., Inc. (NYSE: AEP); and Public Service Enterprise Group Inc. (NYSE: PEG).

With the fear of rising interest rates ahead and higher dividend taxes, investors have tended to shy away from the steady earnings, yields and returns of utilities. The two questions that might matter the most are: 1) What if rates do not rise as much as investors hope? And 2) What if dividend taxes are not going to rise to over 40% for the high-income earners? Another question to ask is: What if the regulatory climate lightens up a tad against the utility sector? If one or two of these possibilities start to become reality, then there may be a huge opportunity in this sector. Even if these issues remain, it may be that most of the bad news is getting close to being factored in.

Exelon Corporation (NYSE: EXC) is the leader of the pack due to its 5.55% dividend yield. It has a market cap of $25 billion and trades more than 7 million shares per day. Year-to date its shares have fallen by 11.6%. The utility’s return on equity was listed as 17.9%, its operating margin is 23.6% and its debt-to-equity ratio was less than 1 at 0.94. Exelon closed up 0.6% at $38.06 against a 52-week range of $37.48 to $45.45.

Entergy Corporation (NYSE: ETR) has a market cap of $11.7 billion and trades 1.2 million shares per day. It has a dividend yield of 5% and year-to date its shares have fallen by 8.4%. The utility’s return on equity was listed as 15.4%, its operating margin is 17.9% and its debt-to-equity ratio was 1.34. Entergy recently closed up 0.5% at $66.43 against a 52-week range of $57.60 to $74.00.

American Electric Power Co., Inc. (NYSE: AEP) has a market cap of $18 billion and trades 4.9 milllion shares per day. It has a dividend yield of 5% and year to date its shares have fallen by 7.5%. The utility’s return on equity was listed as 11.1%, its operating margin is 18.4% and its debt-to-equity ratio was 1.24. Shares closed up 0.5% at $37.97 and the 52-week range is $33.09 to $41.98.

Public Service Enterprise Group Inc. (NYSE: PEG) has a market cap of $15 billion and trades 3.6 milllion shares per day. It has a dividend yield 4.9%. Year to date, its shares have fallen by 8%. The utility’s return on equity was listed as 14.1%, its operating margin is 24.4% and its debt-to-equity ratio was the lowest of the group at only 0.80. Public Service Enterprise closed up 1% at $30.33 against a 52-week range of $27.97 to $35.48.

What is interesting about this group is that AEP is the only member of the four that is not down more than 10% from its 52-week high, and all of these are closer to their 52-week lows than their highs.

JON C. OGG

The top ten earnings reports we are focusing on for the rest of this week are as follows: Intel Corporation (NASDAQ: INTC); International Business Machines Corporation (NYSE: IBM); Johnson & Johnson (NYSE: JNJ); The Coca-Cola Company (NYSE: KO); Bank of America Corporation (NYSE: BAC); Microsoft Corporation (NASDAQ: MSFT); Verizon Communications, Inc. (NYSE: VZ); American Electric Power Co. Inc. (NYSE: AEP); General Electric Co. (NYSE: GE); and McDonald’s Corporation (NYSE: MCD).

24/7 Wall St. has also highlighted four hot IPOs to watch late this week and we also highlighted the strongest stock charts in the S&P 500 Index.  We have also given a scoring card for how earnings season is looking so far.

Tuesday, April 17

Intel Corporation (NASDAQ: INTC) reports on Tuesday after the close.  The processor and chip giant just put in yet another multi-year high on Monday at $28.55 and it should be worth noting that Thomson Reuters has a consensus price target of only $28.38 currently.  The company will likely have to do better than just meeting earnings estimates and guiding within the range of estimates.  Thomson Reuters has estimates of $0.50 EPS and $12.84 billion in revenue.

International Business Machines Corporation (NYSE: IBM) is around $204.00 and is under a new CEO.  We always watch the billions of backlog and its longer-term guidance.  The current consensus is $208.10 and that pales in comparison to the recent $230 price target from one analyst.  Thomson Reuters has estimates of $2.65 EPS and $24.77 billion in revenue.

Johnson & Johnson (NYSE: JNJ) remains with a fairly negative bias based upon product recalls on a never-ending basis.  J&J’s price of about $64.00 compares to a year high of $68.05 and a Thomson Reuters consensus target of $71.88.  Thomson Reuters has estimates of $1.35 EPS and $16.26 billion in revenue.

The Coca-Cola Company (NYSE: KO) is trading around $72.75 and is within about 2% of a year-high of $74.39.  It remains a key defensive stock holding today and Thomson Reuters has a consensus price target of $76.54 on the name.  Thomson Reuters consensus estimates are $0.88 EPS and $10.83 billion in sales.

Thursday, April 19

Bank of America Corporation (NYSE: BAC) is the fourth of the money-center banks to report and investors need to be reminded that shares doubled from trough to peak from December to March during the bank rally.  Investors are not chasing book value here.  The stock trades around $8.85 and Thomson Reuters has a consensus target of about $9.90. Thomson Reuters has estimates of $0.12 EPS and $22.51 billion in revenue.

Microsoft Corporation (NASDAQ: MSFT) is still within about 5% of a multi-year high ahead of the upcoming Windows O/S release.  Shares are just under $31.00, its year-high is $32.95, and Thomson Reuters has a consensus price target of almost $34.00 per share.  The consensus target from Thomson Reuters is $0.57 EPS on $17.16 billion in sales.

Verizon Communications, Inc. (NYSE: VZ) is likely not a market-mover any longer because it has a low volatility.  What it does have is a monster dividend yield of about 5.4%.  Its  $37.30 price compares to a 52-week high of $40.48 and to a consensus price target of $39.55.  Thomson Reuters has estimates of $0.57 EPS and $28.2 billion in revenue. Thomson Reuters has estimates of $0.57 EPS and $28.2 billion in revenue.  This will possibly be considered as the first look to see what Apple’s iPhone and iPad sales have been.

Friday, April 20

American Electric Power Co. Inc. (NYSE: AEP) reports on Friday morning and every dividend investor is going to need to pay close attention here to see how it affects the entire utility sector.  At $37.50, the 52-week range is $33.09 to $41.98 and Thomson Reuters has a consensus target of $41.72.  The consensus targets are $0.80 EPS and $3.73 billion.  What matters here is that many plant closures for power generation are in the process of being closed due to them being coal-fired and it could skew guidance.

General Electric Co. (NYSE: GE) is still under $19.00 versus a year high of $21.00; the consensus target is still up just above $22.25.  After raising its dividend twice and after saying its financial outfit is doing better and better, investors are going to be paying close attention here to the biggest conglomerate. Thomson Reuters has estimates of $0.33 EPS and $34.66 billion in revenue.

McDonald’s Corporation (NYSE: MCD) has lost its luster after being the best performing DJIA stock, it has a new CEO taking over, and it has already lowered the bar for what had been extensive and successive same-store sales growth.  At $96.50, the 52-week high is $102.22 and the consensus price target is almost $107.00.  Thomson Reuters has estimates of $1.23 EPS and $6.54 billion in revenue.

Be advised that the dates may change and the earnings estimates usually change marginally each day or each week as analysts adjust their targets before earnings reports.  If you wish to sign up for our free daily email, sign up in the green box below.  We send daily notices on feature stories, analyst upgrades and downgrades, market rumors, hot IPOs and secondary offerings and more.

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This is no happy day for AEP and it marks a change that other power generators and utilities will have to consider around their coal-fired power plants.  AEP further noted that these retiring units were required to run to meet peak demand last summer and it warns that there is little new generation is scheduled to come on-line prior to the retirement dates that will replace the lost capacity.

AEP also said that it plans to install or upgrade emission control systems on more than 13,000 MW of capacity.

Here is a list of the closures:

• Conesville Plant Unit 3, Conesville, Ohio – 165 MW;
• Big Sandy Plant Unit 1, Louisa, Ky. – 278 MW;
• Clinch River Plant Unit 3, Cleveland, Va. – 235 MW;
• Glen Lyn Plant (two units), Glen Lyn, W.Va. – 335 MW;
• Kammer Plant (three units), Moundsville, W.Va. – 630 MW;
• Kanawha River Plant (two units), Glasgow, W.Va. – 400 MW;
• Muskingum River Plant Units 1, 2, 3 and 4, Beverly, Ohio – 840 MW;
• Picway Plant (one unit), Lockbourne, Ohio – 100 MW;
• Philip Sporn Plant (four units), New Haven, W.Va. – 600 MW;
• Tanners Creek Plant Units 1, 2 and 3, Lawrenceburg, Ind. – 495 MW; and
• Welsh Plant Unit 2, Pittsburg, Texas – 528 MW.

It is probably worth noting that AEP said this plan is different from the near-6,000 megawatts of anticipated retirements that it announced last June, due to the retirement of the 450-MW Sporn Unit 5 in February 2012 and due to AEP’s decision to request regulatory approval in Kentucky to retrofit the 800-MW Big Sandy Unit 2 with environmental control equipment rather than retiring the unit.

Now that shares are back off of the highs, AEP trades at only about 12-times this year’s expected earnings.  The company already raised its dividend late last year and it still seems to have room to raise its dividend for the years ahead.  The dividend yield is now 4.9% for investors buying today.

Today’s move was mostly expected and AEP shares are down 0.2% at $38.15 against a 52-week trading range of $33.09 to $41.98.  This stock remains one of our Model Dividend Stocks for 2012 and it remains one of our picks to own for the next decade.

JON C. OGG

The unofficial closing bells put the DJIA down about 1.5 points to 12,981.51 (-0.01%), the NASDAQ rose more than 2 points (0.08%) to 2,966.16 and the S&P 500 rose 0.14% or nearly 2 points to 1,367.59.

There were several analyst upgrades and downgrades today, including Sears Holding Corp. (NASDAQ: SHLD) maintained as ‘underperform’ at Credit Suisse; Interpublic Group of Companies Inc. (NYSE: IPG) raised to ‘buy’ at Deutsche Bank; Dunkin’ Brands Group Inc. (NASDAQ: DNKN) started as ‘buy’ at Citgroup; American Electric Power (NYSE: AEP) raised to ‘buy’ at Jefferies; and United Rentals Inc. (NYSE: URI) started as ‘buy’ at Citigroup.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: The AES Corp. (NYSE: AES) is down -0.51% at $13.73; Balchem Corp. (NASDAQ: BCPC) is down about -17% at $29.52 after posting a new 52-week low of $29.35 earlier; Charter Communications Inc. (NASDAQ: CHTR) is up 0.2% at $63.55 after posting a new 52-week high of $64.39 earlier this morning; Cooper Tire & Rubber Co. (NYSE: CTB) is up nearly 14% at $17.81; El Paso Corp. (NYSE: EP) is up 1.8% at $27.65, a new 52-week high; Lowes Companies Inc. (NYSE: LOW) is up 0.83% at $27.39; Quicksilver Resources Inc. (NYSE: KWK) is down -5.8% at $5.73; Transocean Ltd. (NYSE: RIG) is up 5.34% at $53.44; and Valeant Pharmaceuticals International Inc. (NYSE: VRX) is up 5.6% at $50.62.

Other standouts from today include the following stocks:

ATP Oil & Gas Corp. (NASDAQ: ATPG) is up nearly 20% at $8.63. The independent oil & gas company reported a fourth successful well at its Telemark Hub project.

Cheniere Energy Partners L.P. (AMEX: CQP) is up about 14% at $23.80 after posting a new 52-week high of $24.21 earlier. The liquefied natural gas company announced an investment from Blackstone Group LP (NYSE: BX). More coverage here.

Dendreon Corp. (NASDAQ: DNDN) is down more than -20% at $11.83. The drug maker reported lower-than-expected revenues this morning. More coverage here.

Intermolecular Inc. (NASDAQ: IMI) is down more than -15% at $6.31 after posting a new 52-week low of $6.02. The semiconductor equipment and materials company’s stock is likely reacting to the bankruptcy filing by Japanese chipmaker Elpida.

Microvision Inc. (NASDAQ: MVIS) is down more than -16% at $3.28. The laser display company reported very poor earnings this morning.

Stay tuned for Tuesday. Federal Reserve governor Elizabeth Duke and Cleveland Fed president Sandra Pianalto are giving speeches. We have noted the following events on the schedule (all times Eastern):

• 8:30 a.m. – Durable goods orders
• 9:00 a.m. – S&P Case-Shiller housing price index
• 10:00 a.m. – Conference Board consumer confidence index
• 10:00 a.m. – Richmond Fed manufacturing index
• 10:00 a.m. – State Street investor confidence index
• 11:30 a.m. – 4-week Treasury bill auction

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After the group of utilities we have added some color on why these stocks are performing the way they are, what the upside could still be, and other macro issues.  To show how bad the group has been with many of its top components down about 10% from their recent highs, the Utilities Select Sector SPDR (NYSE: XLU) is down almost 3.5% from its recent highs.

American Electric Power Company (NYSE: AEP) trades around $38.00 and the stock is down from a 52-week high of $41.98.  Its dividend now screens out at roughly 5% and the consensus analyst price target is $41.67.  AEP trades at 12.1-times expected 2012 earnings estimates.  While it may have had an issue over rate hikes in Ohio, this one is very diversified and our take is that the fears of its coal plants may have gone too far as analysts are playing tug of war.

Constellation Energy Group, Inc (NYSE: CEG) trades around $36.40 and the stock is down just from a 52-week high of $40.97.  Its dividend now screens out at roughly 2.6%, which has been under our dividend criteria for this sector.  The consensus analyst target is $41.25.  Constellation trades at 15-times expected 2012 earnings estimates.  This one is outside of our parameters except that it was down the most in the Finviz.com screen on a year to date basis.

Exelon Corporation (NYSE: EXC) trades around $39.20 and the stock is down just over 10% from a 52-week high of $45.45.  Its dividend now screens out at roughly 5.3% and the consensus analyst price target is $43.65.  Exelon trades at 12.9-times expected 2012 earnings estimates.

Public Service Enterprise Group (NYSE: PEG) trades around $30.65 and its stock is down over 13% from its 52-week high of $30.65.  Its dividend yield is about 4.7% and the consensus price target is $33.07.  This one trades at about 12.7-times expected 2012 earnings estimates.

The good news on coal is that prices are cheap.  Ditto for nat-gas.  The bad news is that the EPA and other pressuring forces are trying to move to less coal in a manner which may be too fast.  AEP and others in this sector are already lobbying to alleviate some pressures.

You see that the ones we generally prefer tend to have dividend yields of close to 5%.  This sounds great and it is better than our median targets in our 2012 Model Dividend Portfolio of which AEP is a member.  One critical issue is that Obama’s dividend tax aspirations could significantly lower the need to chase yield among the high-income earners in America.  Could the wealthy dividend investors feel crowded out of income stocks?

Oil prices have risen enough that if they remain high you should just expect that the rest of the energy basket will rise.  Can nuclear really get a foothold ahead?  We think so, but it won’t happen overnight.

There are two more pieces of macroeconomic bits working in favor of these utilities.  Unemployment is getting better and that allows younger workers to go out and rent houses, townhouses, or apartments.  The U.S. is not appearing to slide into a new recession as so many investors believed was happening in late-2011.  Overall business activity is holding up, and that in turn means more electric power consumption.

The downside of the better economy is that the current environment is favoring a “risk-on” mentality among investors.  In a climate of risk-on, investors want growth over safety in dividends with earnings stability.

The reversal in Ohio is far from a welcome wagon and we have seen some ratings agencies weigh in that this could impact some utilities.

After it is all said and done, investors have to always pick their poison.  Many of these great companies almost never pull back more than 10% from their highs except in points of market crisis or in a real bear market.  When that happens, investors who want equity exposure at least increase their weighting in utilities because of the high yields and defensive stock positions.

What poses the biggest risk to utilities in our view?  Another 10% market rally ahead of continued recovery.

Picking an exact bottom is a fool’s game.  You probably haven’t seen the exact bottom on the utility sector, but these are getting very close to being true bargains for investors with a long-term investing outlook in what is likely to still be a low-growth environment.

JON C. OGG

American Campus Communities Inc. (NYSE: ACC) Raised to Buy at Argus.
American Electric Power (NYSE: AEP) Raised to Buy at Jefferies.
Arcelor Mittal (NYSE: MT) named as Bear of the Day at Zacks.
Citigroup, Inc. (NYSE: C) Added to U.S. Focus List at Credit Suisse.
Digital Realty Trust, Inc. (NYSE: DLR) Cut to Sector Perform at RBC.
Dunkin Brands Group, Inc. (NASDAQ: DNKN) Started as Buy at Citigroup.
Genuine Parts Co. (NYSE: GPC) named as Bull of the Day at Zacks.
Interpublic Group of Companies, Inc. (NYSE: IPG) Raised to Buy at Deutsche Bank.
LaSalle Hotel Properties (NYSE: LHO) Raised to Outperform at Wells Fargo.
Sears Holding Corporation (NASDAQ: SHLD) Maintained Underperform at Credit Suisse.
Stone Energy Corporation (NYSE: SGY) named as Value Stock of the Day at Zacks.
Tyco International. Ltd (NYSE: TYC) Raised to Outperform at Credit Suisse.
United Rentals Inc. (NYSE: URI) Started as Buy at Citigroup. 

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The electric power utility gave 4% to 6% earnings growth for a few years out as acceptable and it will separate its Ohio businesses. For 2012, AEP sees $3.05 to $3.25 EPS versus Thomson Reuters targets of $3.17 EPS.

AEP has noted a refocus on its transmission business and putting capital to work in the regulated generating fleet to comply with new EPA regulations. The regulated units generate a significant portion of AEP’s earnings and supports its dividend.

The company is filing with the Federal Energy Regulatory Commission to separate its Ohio businesses and it will terminate and then replace its Interconnection Agreement for its eastern generating assets under a new power cost sharing arrangement. The Public Utilities Commission of Ohio approved AEP’s plan back in January to move forward with the separation of its Ohio generation assets.

As far as FERC is concerned, the company expects that the FERC will decide on the implementation of corporate separation and the termination and replacement of the Interconnection Agreement in the first quarter of 2013.

On a day when the DJIA is down 1%, AEP is up 0.3% at $39.50 and the 52-week trading range is $33.09 to $41.98.

AEP’s dividend should not just be safe ahead… it should still grow even with the coal risks which could lie ahead.

JON C. OGG