The unofficial closing bells put the DJIA down more than 66 points to 11,954.94 (-0.55%), the NASDAQ fell nearly 33 points (-1.26%) to 2,579.27, and the S&P 500 fell -0.87% or nearly 11 points to 1,225.73.

There were several analyst upgrades and downgrades today, including Intel Corp. (NASDAQ: INTC) maintained ‘outperform’ but estimates cut at Credit Suisse and maintained ‘hold’ with a $24 price target at Canaccord Genuity. Other ratings actions today include Kaiser Aluminum Corp. (NASDAQ: KALU) started as ‘buy’ at BofA/Merrill Lynch; Noranda Aluminum Holding Corp. (NYSE: NOR) started as ‘buy’ at BofA/ML; Mastercard Inc. (NYSE: MA) and Visa Inc. (NYSE: V) both started as ‘buy’ at Nomura.

Here are today’s post-earnings news reactions with prices during the last half-hour of trading: Best Buy Co. Inc. (NYSE: BBY) is down more than -15.5% at $23.68 (more details here); FactSet Research Systems, Inc. (NYSE: FDS) is down more than -8% at $87.01; FuelCell Energy Inc. (NASDAQ: FCEL) is down more than -15% at $0.93; The Pantry Inc. (NASDAQ: PTRY) is down more than -12% at $10.41, after posting a new 52-week low earlier today of $9.52; and Miller Energy Resources, Inc. (NYSE: MILL) is down nearly -11% at $2.90.

Other standouts from today include the following stocks:

LiveDeal Inc. (NASDAQ: LIVE) is up more than 236%, at $4.88. The customer acquisition company issued 1.6 million shares of new stock, raising its capital by by $2 million and enabling it to meet Nasdaq listing requirements.

Synovis Life Technologies, Inc. (NASDAQ: SYNO) is up more than 50%, at $27.78. The medical device maker agreed to be acquired by Baxter International Inc. (NYSE: BAX) for $28/share, a 52% premium to the stock’s Monday closing price. The deal is worth $325 million.

RADVision Ltd. (NASDAQ: RVSN) is up more than 14%, at $9.62. The communications equipment maker is said to be an acquisition target for Avaya at a price of around $200 million.

Endocyte Inc. (NASDAQ: ECYT) is down more than -65%, at $3.56, a new 52-week low. The pharmaceutical maker announced that trials of a new cancer drug have not shown that the drug helps patients live longer.

Ivanhoe Mines Ltd. (NYSE: IVN) is down nearly -22%, at $16.16. The junior miner lost a court decision to Rio Tinto plc (NYSE: RIO) which essentially kills Ivanhoe’s poison pill plan. Rio owns 49% of Ivanhoe and can maintain that stake regardless of new share issuances until April 2013.

Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR) is down more than -11%, at $50.03. The coffee merchant has lost some market share for its single-cup coffee products, and prices are also falling.

Forest Oil Corp. (NYSE: FST) is down nearly -13%, at $14.01. The oil & gas E&P company announced its outlook for 2012, and analysts were disappointed with the level of capital expenditures and cash flows.

Stay tuned for Wednesday. Dennis Lockhart, president of the Atlanta Federal Reserve Bank, is giving a speech in the morning. Here are some other noteworthy events on the schedule (all times Eastern):

• 7:00 a.m. – Mortgage Bankers Association purchase applications
• 10:30 a.m. – EIA weekly petroleum status report
• 1:00 p.m. – 30-year Treasury bond auction

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Paul Ausick

Real Hike, Real Payouts….

Cliffs Natural Resources Inc. (NYSE: CLF) voted early this week to increase the quarterly cash dividend by 60% to $0.14 per share.  That is close to a yield of 2% now after the drop in the stock.

CPI Corp. (NYSE: CPY) also voted early this week to increase its quarterly dividend payout by 25% up to $0.25 per quarter.  The yield today would be about 3.3%.

FactSet Research Systems Inc. (NYSE: FDS) approved a 15% hike to $0.23 per quarter in dividends from a prior rate of $0.20 per quarter.  This is about 1.15% today for a dividend yield.

Keithley Instruments Inc. (NYSE: KEI) increased its quarterly dividend early this week to a rate of $0.0375 per share, and this new dividend yield is almost 1.5%.

Mine Safety Appliances Co. (NYSE: MSA) must be expecting new business lines…  today declared a second quarter dividend of $0.25 per quarter, up a penny from the prior $0.24 per quarter dividend that had been in place since early 2008.

OPNET Technologies Inc. (NASDAQ: OPNT) hiked its payout after earnings early this week. It raised its quarterly dividend to $0.10 per quarter for almost a 2.4% yield.  That is $0.40 per year, up from $0.36 per year for 2009.

Portland General Electric Company (NYSE: POR) announced Thursday night that it was boosting its dividend to $0.26 per share per quarter from a rate of $0.255 previously.  The last three hikes have come each year and have been by a full penny rather than by a half-penny per quarter.  This still generates more than a 5% yield.

The Timken Company (NYSE: TKR) announced earlier this week that it declared a quarterly cash dividend of $0.13, up 44% or versus a $0.09 prior dividend.  This is after the company had seen its dividend go down to $0.09 from $0.18 previously in 2009, so this dividend raise is a game of moving back to even.

Dividend Hints……

Ford Motor Co. (NYSE: F) also hinted this week at a dividend return for shareholders, but the news we saw was that it is starting its education pay plan first after it repays more debt.  Don’t hold your breath here for a dividend on the common shares any time in the immediate future.

BB&T Corp. (NYSE: BBT) hinted earlier this week that it would be among the first of the big banks to raise its dividend.  On CNBC it seems that the hint was for a fourth quarter dividend raise, although it is no secret that the new environment is one where regulators have told banks to build capital reserves over paying out higher common dividends.  The current rate is $0.15 per quarter, but that was down from $0.47 previously and the current payout was what it was in the 1990′s.

The Dow Chemical Company (NYSE: DOW) declared a dividend of $0.15… this is one we still expect that will buckle to peer pressure and may consider raising its dividend later this year.  Much depends upon the merger integration from the 2009 Rohm & Haas deal and the notion that its business is just coming back.  The current $0.15 per quarter still generates a yield of close to 2.2%, but this is down from $0.42 before it cut that dividend over a year ago.

Cedar Fair LP (NYSE: FUN) has seen this week with its largest shareholder (Q Funding) demanding that the company reinstate an annual dividend of $0.50 per share after suspending it in 2009.  That does not assure a hike, but that is the largest holder.  A $0.50 dividend would have an indicated yield before any share price changes of approximately 3.7%.

BP plc (NYSE: BP) has been in the soup over the Gulf of Mexico spill, but this week it declared on Tuesday that its board of directors has approved on April 27, 2010 an interim dividend of USD$0.14 per ordinary share or USD$0.84 per ADS for the first quarter 2010.  This is technically a U.K.-based company, so it is doubtful that the administration can nix the dividend.  Still, you have to wonder with cost estimates all over the board into the billions of dollars for the cleanup and remediation.

And speaking of very dividends, the stock split for Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR) of 3 for 1 will be reflected next week on the May 17 ex-date.  Not a true dividend because these are generally tax-free events.

Higher Dividends, Maybe Not Hikes….

Span-America Medical Systems Inc. (NASDAQ: SPAN) usually has a $0.10 per quarter dividend, but this week it announced a Special Cash Dividend of $1.00 per share.  That makes the third special dividend, and the regular $0.10 dividend is in effect as well.

Teekay Tankers Ltd. (NYSE: TNK) pays out its income as it comes and is able, so this “higher dividend” should not be considered a true hike.  It announced a cash dividend of $0.37 per share, and here are the prior dividend rates to show the inconsistent rates:

• Mar 4, 2010 $0.26 Dividend
• Nov 18, 2009 $0.15 Dividend
• Aug 20, 2009 $0.40 Dividend
• May 20, 2009 $0.59 Dividend
• Mar 4, 2009 $0.72 Dividend
• Dec 1, 2008 $1.07 Dividend
• Aug 13, 2008 $0.90 Dividend
• May 21, 2008 $0.70 Dividend
• Feb 13, 2008 $0.115 Dividend

Internet Initiative Japan Inc. (NASDAQ: IIJI) is one we have not seen the ADR list a dividend, so this may just be in local currency.  The company said on Thursday’s earnings that its FY2009 year-end cash dividend forecast was revised from JPY1,000 to JPY1,250 per share of common stock (FY2009 total dividend of JPY2,250, up from JPY2,000 as previously planned).

The Downside of Dividends….

FreightCar America, Inc. (NASDAQ: RAIL) this week that its Board of Directors decided not to authorize the payment of a cash dividend on its common shares in the second quarter of 2010 to preserve cash to help maintain its balance sheet strength.

You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Sponsor: 5 best investments for 2010 – The next nine months represent a bold new era for investors.

American Tower (AMT) Cut to Sector Perform at RBC.
AXA (AXA) Cut to Underweight at JPMorgan.
Blue Nile (NILE) Cut to Hold at Citigroup.
CA Inc. (CA) Cut to Hold at Jefferies.
FactSet (FDS) Started as Sell at Auriga.
IBM (IBM) Cut to Hold at Canaccord Adams.
Interactive Brokers (IBKR) Cut to Underperform at KBW.
IntercontinentalExchange (ICE) Cut to Underperform at KBW.
Novell (NOVL) Cut to Hold at Jefferies.
SBA Communications (SBAC) Cut to Sector Perform at RBC.
Viacom (VIA) Cut to Equal Weight at Barclays.

JON C. OGG

Jon C. Ogg
June 19, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.