24/7 Wall St. » LMT

24/7 Wall St. Closing Bell (GD, VALE, GMCR, GLW, CHK, ARG, ACAT, T, BMY, CAT, CY, LMT, MKC, MWW, POT, RTN, VIST, RNWK, MNTA, NFLX, EFSC)

Paul Ausick — Thu, 26 Jan 2012 21:08:29 +0000

All three major US indexes opened higher this morning, but enthusiasm tapered off quickly and steadily, if not sharply. A drop in the number of new home sales and a smaller-than-expected rise in the leading economic indicators index. Hope that talks between Greece and its creditors would yield an agreement also pushed markets higher. But the weak housing report and no further news from Europe kept share prices moving down. WTI crude gained 0.35% at $99.75/barrel and Brent crude is up 1.02% at $110.93. Gold is higher by 1.27% at $1,724.60.

The unofficial closing bells put the DJIA down more than 22 points to 12,734.63 (-0.18%), the NASDAQ fell about 13 points (-0.46%) to 2,805.28, and the S&P 500 fell -0.57% or nearly 7 points to 1,318.45.

There were several analyst upgrades and downgrades today, including General Dynamics Corp. (NYSE: GD) cut to ‘perform’ at Oppenheimer; Vale S.A. (NYSE: VALE) cut to ‘hold’ at Deutsche Bank; Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) started as ‘perform’ at Williams Capital; Corning Inc. (NYSE: GLW) cut to ‘underweight’ at Morgan Stanley; and Chesapeake Energy Corp. (NYSE: CHK) cut to ‘underweight’ at JPMorgan.

Earnings reports since markets closed on last night have led to some price changes as of the last half hour of trading today: Airgas Inc. (NYSE: ARG) is down -3.66% at $77.29; Arctic Cat Inc. (NASDAQ: ACAT) is up more than 19% at $28.40 after posting a new 52-week high of $29.20 earlier today; AT&T Inc. (NYSE: T) is down -2.65% at $29.41; Bristol-Myers Squibb Co. (NYSE: BMY) is down -0.92% at $32.40; Caterpillar Inc. (NYSE: CAT) is up 1.95% at $111.18; Cypress Semiconductor Corp. (NASDAQ: CY) is down more than -11% at $17.03; Lockheed Martin Corp. (NYSE: LMT) is up 0.95% at $82.51; McCormick & Co. Inc. (NYSE: MKC) is up 0.90% at $78.55; Monster Worldwide Inc. (NYSE: MWW) is down more than -20% at $7.18; Potash Corp. of Saskatchewan Inc. (NYSE: POT) is up 1.61% at $45.96; and Raytheon Co. (NYSE: RTN) is up 0.34% at $49.88.

Other standouts from today include the following stocks:

VIST Financial Corp. (NASDAQ: VIST) is up more than 62% at $11.20 after posting a new 52-week high of $11.50 earlier today. The bank holding company has agreed to be acquired by Tompkins Financial Corp. (AMEX: TMP) in an all-stock deal at an 86% premium to last night’s closing price, or about $85 million.

RealNetworks Inc. (NASDAQ: RNWK) is up more than 35% at $9.98. The digital media company has sold a video codec and a number of patents to Intel Corp. (NASDAQ: INTC) for $120 million.

Momenta Pharmaceuticals Inc. (NASDAQ: MNTA) is down nearly -21% at $15.13. The biotechnology company lost its bid for an injunction against certain competitors.

Netflix Inc. (NASDAQ: NFLX) is up about 22% at $116.01. The digital video streaming and rental company reported a better-than-expected number of new subscribers after markets closed last night.

Enterprise Financial Services Corp. (NASDAQ: EFSC) is down more than -19% at $12.51. The bank holding company will restate earnings for 2010 and the first three quarters of 2011 and expects to dilute 2010 earnings by half as a result.

Stay tuned for Friday. New York Fed President William Dudley is giving a speech in the morning. We have noted the following events on the schedule (all times Eastern):

8:30 a.m. – US GDP report
9:55 a.m. – Reuters/University of Michigan consumer sentiment index

Paul Ausick

Filed under: HI/LOW, Market Close, The Day Tagged: ACAT, ARG, BMY, CAT, CHK, CY, EFSC, GD, GLW, GMCR, LMT, MKC, MNTA, MWW, NFLX, POT, RNWK, RTN, T, VALE, VIST

The 10 Most Expensive Weapons in the World

Douglas A. McIntyre — Mon, 09 Jan 2012 11:49:11 +0000

The 10 most expensive weapons systems in the world total $868 billion in research and development and manufacturing costs. The Department of Defense has commissioned each of the weapons. The White House recently released its strategic guidance, “Sustaining U.S. Global Leadership: Priorities for 21st Century Defense,” to address the upcoming $1 trillion defense budget cuts over the next decade. The costs of these expensive weapons systems illustrates the difficulty in cutting so much from the federal defense budget.

Read: The 10 Most Expensive Weapons in the World

To understand the magnitude of these weapons’ budgets, one only needs to look at the recent government initiatives aimed to save the economy. The $868 billion cost of the most expensive weapons in the world is much more than the $700 billion set aside by Congress as part of the TARP to salvage the nation’s massive financial system. It is also more than President Obama’s $787 billion stimulus package approved by Congress in February 2009.

The Pentagon breaks the costs of weapons into two categories. The first is research and development. The second is the actual costs to buy the weapons. Together, the two figures can be staggering. The total cost of the Virginia Class Submarine, for example, surpasses $83 billion. That entire amount has been and will be invested to launch only 30 of the weapons. All told, it is an extraordinary expense base to maintain America’s defense.

24/7 Wall St. reviewed the figures from the Department of Defense budget and provided by the General Accounting Office to find the 10 Most Expensive Weapons in the World.”

Filed under: Defense, Special Report Tagged: BA, GD, LMT, NOC

What’s Important in the Financial World (1/6/2012) BMW No. 1, Samsung Earnings

247wallst — Fri, 06 Jan 2012 11:39:20 +0000

Can Audi pass BMW, which passed Mercedes? The ongoing race for the prime position among luxury car companies in the U.S. was won by BMW in 2011. It sold 247,907 cars and light trucks. It is an especially impressive accomplishment because the domestic brands Lincoln and Cadillac were favored by Americans for so many years. And BMWs tend to be priced well above U.S. competitor luxury cars and rival products from Japanese nameplates Lexus, Infiniti and Acura. Audi has made gains in the U.S. with its fleet of all-wheel-drive cars. And it claims it sold more vehicles worldwide than Mercedes and BMW did in 2011. It has not done nearly as well in America, and BMW’s lead is close to insurmountable. But that is what was said of Cadillac and Lincoln a generation ago.

Samsung Sales Surge

Samsung proved that it is the only real challenger to Apple (NASDAQ: AAPL) in the smartphone industry — for now. Its estimated earnings were $4.5 billion for the fourth quarter, up nearly 40% from the same period a year ago. It now has passed Apple in total global iPhone sales, and it has a legitimate chance to pass Nokia (NYSE: NOK), the top handset maker in the world. Samsung has shown it is the master of the design of Google (NASDAQ: GOOG) Android-based phones and tablets, with its Galaxy series capturing much of the top of the market.

Our Shrinking Military

Yesterday was a grim one for U.S. defense contractors such as Lockheed Martin (NYSE: LMT) and Boeing (NYSE: BA). President Obama announced that military spending would be cut by $487 billion during the next 10 years. The administration’s plan is to shrink the U.S. fighting force to a level at which it can no longer fight two large land wars. The focus of defense activity will move toward Asia and the ongoing threat of terrorism. That means fewer large arms systems will be part of the Pentagon’s future plans.

IMF GDP Forecast

International Monetary Fund chief Lagarde said the agency would cut its forecast for global GDP growth in 2012. She indicated the prime reason for the cut was the sharp slowdown in the economies in Europe. Like most experts, Lagarde believes that a recession on one continent will curtail growth on others. America, Japan and China cannot defy the gravity of low demand. The IMF, she said, will drop its forecast for worldwide expansion to below 4%.

Douglas A. McIntyre

Filed under: Market Close Tagged: AAPL, BA, GOOG, LMT, NOK

Top Analyst Upgrades & Downgrades (APKT, AFFX, AKS, AAPL, CCI, EMC, GD, GMCR, LMT, MOS, NTAP, OFG, POT, STLD, TIVO)

Administrator — Wed, 04 Jan 2012 13:28:08 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street brokerage and research firms this Wednesday morning.

Acme Packet, Inc. (NASDAQ: APKT) Cut to Neutral at Wedbush; estimates and targets lowered after revenue warnings from Morgan Keegan and Wells Fargo.
Affymetrix Inc. (NASDAQ: AFFX) Raised to Neutral from Underweight at JPMorgan.
AK Steel Holding Corporation (NYSE: AKS) Raised to Neutral at Bank of America Merrill Lynch.
Apple Inc. (NASDAQ: AAPL) Reiterated Outperform with $500 target and raised estimates at Credit Suisse.
Crown Castle International Corp. (NYSE: CCI) Started as Buy at Stifel Nicolaus.
EMC Corporation (NYSE: EMC) added to the U.S. Focus List at Credit Suisse.
General Dynamics Corporation (NYSE: GD) Raised to Overweight at JPMorgan.
Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) Reiterated Buy with $94 target at Canaccord Genuity.
Lockheed Martin Corporation (NYSE: LMT) Cut to Underperform by RBC Capital Markets.
Mosaic Co. (NYSE: MOS) Cut to Neutral at Citigroup.
NetApp Inc. (NASDAQ: NTAP) Cut to Neutral from Outperform at Credit Suisse.
Potash Corp. of Saskatchewan, Inc. (NYSE: POT) Started as Underperform at National Bank.
Steel Dynamics Inc. (NASDAQ: STLD) Raised to Buy at Bank of America Merrill Lynch.
TiVo Inc. (NASDAQ: TIVO) Raised to Overweight at Evercore Partners.

JON C. OGG

Filed under: Analyst Calls Tagged: AAPL, AFFX, AKS, APKT, CCI, EMC, GD, GMCR, LMT, MOS, NTAP, OFG, POT, STLD, TIVO

U.S. Guns for Jobs

247wallst — Mon, 02 Jan 2012 11:24:27 +0000

The U.S. sold $29.4 billion worth of F-15s to Saudi Arabia. The State Department and defense contractors can take whatever solace they need in the adage that fighter jets do not kill people — fighter pilots do. U.S. defense contractors have built a multibillion industry that allows them to export billions of dollars of weapons, as they have appropriately traded guns for American jobs.

Natural gas and other fuels were the largest U.S. export in terms of dollars in 2011, an unexpected development. The idea that America could export energy when it is so dependent on foreign oil seems unlikely. But natural gas is plentiful in the U.S., and demand from overseas for jet fuel and diesel was large.

Notwithstanding the sharp rise in fuel exports, planes and agricultural products have been at or near the top of the export list. That did not change much in 2011. The U.S. is still the “bread basket” of the world, and corn and wheat are still exported in hundreds of millions of tons. But the demand for commercial and military planes remains high and is getting higher.

Many economist would argue, correctly, that without the fuel, aircraft, and agricultural exports, hundreds of thousand of jobs would be lost. The debate over whether sustaining these jobs has any ethical implication is easy to answer in terms of energy or grain. There is no potential loss of human life tied to these products. In fact, agricultural products probably save lives.

Weapons fall into the class of products that can, and often do, kill people. The export of weapons is not confined to aircraft. Guns and shells use to kill on the ground are also included.

There are two arguments in favor of weapons exports. The first is that Lockheed Martin (NYSE: LMT) and Boeing (NYSE: BA) are large employers. The other is that weapons sales tether allies like Saudi Arabia to the U.S. This second argument in favor of arms sales is extremely compelling.

The protests over arms sales to foreign governments will exist as long as the practice goes on. The American government has made a reasonable exchange. These sales create jobs, and the U.S. is not responsible for how the guns and airplanes are used, although its is almost certain that they will be.

Douglas A. McIntyre

Filed under: Economy Tagged: BA, LMT

Media Digest (1/2/2012) Reuters, WSJ, NYT, FT, Bloomberg

247wallst — Mon, 02 Jan 2012 11:23:10 +0000

F-16 and F-15 production lines are being extended by U.S. government sales to Iraq, Saudi Arabia and Oman by Lockheed Martin (NYSE: LMT) and Boeing (NYSE: BA), made through the State Department, should help U.S. employment. (Reuters)

Slow wage growth may keep U.S. consumer spending weak this year. (Reuters)

Hyundai and Kia expect slower growth in 2012. (Reuters)

Verizon Wireless kills a $2 transaction fee due to customer objections. (Reuters)

Eastman Kodak (NYSE: EK) loses a third board member in two weeks. (Reuters)

The UK sells mortgage company Northern Rock to Virgin. (Reuters)

China’s PMI rises to 50.3, a sign of slow growth. (WSJ)

An international arbitration panel gives Exxon Mobil (NYSE: XOM) only $908 million for Venezuela assets; the oil firm had asked for payment of $7 billion. (WSJ)

Sprint-Nextel (NYSE: S) offers superfast broadband firm LightSquared a 30-day extension to get its system approved by the U.S. government. (WSJ)

A tax credit for ethanol to expire after being in place for 30 years. (NYT)

Austerity programs will make GDP growth in many eurozone nations very difficult. (NYT)

Sarkozy and Merkel warn their nations that 2012 will be more difficult economically than 2011. (FT)

Major global markets lose $6.3 trillion in value in the past year. (FT)

Eurozone leaders try to gain extra time to rebuild the region through promises of aid and new austerity. (Bloomberg)

Manufacturing in India and China signal that they are being hurt by EU economic trouble. (Bloomberg)

Japan’s population drops the most since World War II. (Bloomberg)

Douglas A. McIntyre

Filed under: Press Digest Tagged: BA, EK, LMT, S, VZ, XOM

Iran’s Wild Card for Defense Stocks In 2012 … Dividends Hang in the Balance (ATK, GD, LLL, LMT, RTN)

Administrator — Wed, 28 Dec 2011 18:44:51 +0000

It is no secret that Iran is a saber-rattling nation. The country wants to be relevant on the global stage so much that it keeps up with its nuclear ambitions regardless of global trading sanctions and regardless of efforts from the Western nations trying to stop it. And now the big news is not the nuclear front, but an Iranian minister claiming that Iran could effectively block the flow of traffic through the Gulf of Hormuz easier than drinking a glass of water.

In the age of austerity and military budgets being slashed to deal with deficits, Iran has a chance of turning 2012 accidentally into the year of defense stocks. Alliant Techsystems Inc. (NYSE: ATK), General Dynamics Corp. (NYSE: GD), L-3 Communications Holdings Inc. (NYSE: LLL), Lockheed Martin Corporation (NYSE: LMT) and Raytheon Co. (NYSE: RTN) could all hang in the balance. With operations all but gone in Iraq and with the trend in Afghanistan being one of leaving, Iran is the obvious wild card.

If anything real ever comes out of Iran’s religious political leadership other than how neat it is to stone people over adultery, how it denies that alternative lifestyles exist in Iran, or about how it wants nuclear power for peace, this may end up making the sell-off seen in defense stocks a bargain of the century. If (or when) Iran ever announces that it has built a nuclear bomb, it likely is going to be difficult for Western nations to slash and burn too far on the defense spending. Before running out and loading up on warfare stocks, please remember … this is all “If, Then.”

Alliant Techsystems Inc. (NYSE: ATK) trades at $56.15 and the 52-week trading range is $51.26 to $78.17. Thomson Reuters has a consensus price target of $71.70, implying upside of roughly 28%. Alliant Tech currently has a lower dividend yield against peers with only a payout rate of about 1.4% and shares are up about 4% since the Thanksgiving break. Alliant is highly dependent on the business of selling bullets and it no longer has the booster-rocket business from Space Shuttle launches.

General Dynamics Corp. (NYSE: GD) trades at $66.15 and the 52-week trading range is $53.95 to $78.27. Thomson Reuters has a consensus price target of $76.16, implying upside of about 15%. General Dynamics currently yields about 2.9%.

L-3 Communications Holdings Inc. (NYSE: LLL) trades at $66.85 and the 52-week trading range is $58.30 to $88.55. Thomson Reuters has a consensus price target of $71.64, implying upside of only about 7%. L-3 yields about 2.7% in its dividend and shares are up about 5% from the Thanksgiving break.

Lockheed Martin Corp. (NYSE: LMT) trades at $81.25 and the 52-week trading range is $66.36 to $82.43. Thomson Reuters has a consensus price target of $80.12, implying that the stock is above a full-value price. Its dividend yield is quite high at about 5% and shares are up almost 5% since its $1.00 dividend was reflected in the stock in late November.

Raytheon Co. (NYSE: RTN) trades at $48.50 and the 52-week trading range is $38.35 to $53.12. Thomson Reuters has a consensus price target of $49.53, implying upside of only about 2%. Its dividend yield is currently about 3.7% and shares are up about 14% since the Thanksgiving break.

Unless something new comes out of North Korea, or unless there is more unrest in the Middle East, Iran is the big worry for the country today. With such high payouts from some defense contractors, it is worth wondering just how high some of the payouts can rise during the proliferation of austerity.

JON C. OGG

Filed under: Aerospace, Defense, Dividend, Economy, Editor's Picks, International Markets, Politics Tagged: ATK, GD, LLL, LMT, RTN

Media Digest (12/20/2011) Reuters, WSJ, NYT, FT

247wallst — Tue, 20 Dec 2011 11:20:21 +0000

AT&T (NYSE: T) gives up on its effort to buy T-Mobile. (Reuters)

Apple (NASDAQ: AAPL) wins a patent case over HTC in the smartphone wars. (Reuters)

Olympus will sell shares to Sony (NYSE: SNE) and Fuji Film to help its battered balance sheet. (Reuters)

A new set of loans to the IMF will be set to help struggling EU nations, but the UK did not contribute to the 150 billion euro fund. (Reuters)

In a sign of worsening trouble for the financial firm, Bank of America (NYSE: BAC) shares trade below $5. (Reuters)

LightSquared, Falcone’s wireless company, is nearly out of money. (Reuters)

Sony sold 321,000 PlayStation Vitas in its first two days on sale. (Reuters)

A tax increase in the U.S. for 2012 is more likely as Congress wrangles over a budget. (WSJ)

An ITC ruling against HTC may hurt the efforts of Google’s (NASDAQ: GOOG) Android. (WSJ)

Google and KKR (NYSE: KKR) will invest in a new solar venture. (WSJ)

The U.S. Army Corps of Engineers granted ConocoPhillips (NYSE: COP) permission to drill in northern Alaska. (WSJ)

Caterpillar (NYSE: CAT) says its sales growth has improved. (WSJ)

FBI reports show crime dropped for the fourth straight year. (WSJ)

Spain will try to cut its deficit by more than $21 billion next year. (WSJ)

The number two executive at Cablevision (NYSE: CVC), Tom Rutledge, leaves for Charter (NASDAQ: CHTR). (WSJ)

Winn-Dixie is taken private by BI-LO for $560 million. (WSJ)

The New York Times (NYSE: NYT) may sell 16 local newspapers. (WSJ)

Procter & Gamble (NYSE: PG) has set plans for online coupons. (WSJ)

China may allow its citizens to invest more overseas. (WSJ)

A new UK plan will make banks and investment houses legally different entities by 2019. (NYT)

Japan will buy a new F-35 fighter jet from Lockheed Martin (NYSE: LMT). (FT)

The European Central Bank says contagion remains the greatest risk of the EU financial crisis. (FT)

Douglas A. McIntyre

Filed under: Press Digest Tagged: AAPL, BAC, CAT, CHTR, COP, CVC, GOOG, KKR, LMT, NYT, PG, SNE, T

Where US Federal Budget Cuts Will Hurt the Most (LMT, NOC, BA, RTN, SAI, GD, HPQ, LLL, BAH, KBR)

Paul Ausick — Mon, 14 Nov 2011 16:50:54 +0000

The US House-Senate budget reduction committee, or the ‘super committee’, that is charged with recommending $1.5 trillion in budget cuts over the next 10 years has just another 10 days to deliver its recommendations before automatic cuts of $1.2 trillion kick in. If the committee fails to agree on cuts, the automatic cuts fall equally among defense spending and a variety of programs that are together lumped under the heading discretionary spending.The discretionary spending cuts would likely come from federal programs that aid the poor, education, and the elderly.

No specific cuts have been identified in the legislation that created the super committee, but to achieve $600 billion in cuts over ten years is sure to cause some pain to a variety of constituencies. That amount is increased by the $350 billion in cuts already approved by Congress over the next ten years. Trying to discern where a publicly traded company might get hurt by impending cuts is, at this point, pretty much guesswork.

On the defense end, cuts are far more likely to have an effect on publicly traded companies that have significant federal defense contracts for everything from fighter planes to software. The following chart shows the top ten defense contractors in 2011, together with the total amount of their contracts, as derived from 2010 contract levels:

Company	Contract Total
Lockheed Martin Corp. (NYSE: LMT)	$10.9 billion
Northrup Grumman Corp. (NYSE: NOC)	$8.2 billion
Boeing Co. (NYSE: BA)	$5.1 billion
General Dynamics Corp. (NYSE: GD)	$4.6 billion
Raytheon Co. (NYSE: RTN)	$4.1 billion
KBR, Inc. (NYSE: KBR)	$3.5 billion
L-3 Communications Corp. (NYSE: LLL)	$3.3 billion
Science Applications Intl. Corp. (NYSE: SAI)	$3.3 billion
Hewlett-Packard Co. (NYSE: HPQ)	$2.3 billion
Booz Allen Hamilton (NYSE: BAH)	$2.3 billion

Privately held DynCorp International Inc. falls just above H-P, at $2.4 billion. Excluding DynCorp, the top ten contractors are slated to post sales of $47.6 billion in federal contracts in 2011. The top ten in 2010 posted sales of $68.2 billion. So far in 2011, a total of more than $196 billion in defense contracts have been awarded. The total in 2010 reached $247 billion, and that number is almost surely out of reach for this year.

Cuts to defense spending have already begun, as the US winds down its presence in Iraq and prepares to do the same in Afghanistan. Not including the wars in Iraq and Afghanistan, the Pentagon budget for 2011 reached nearly $550 billion.

Filed under: Aerospace, Defense, Politics Tagged: BA, BAH, GD, HPQ, KBR, LLL, LMT, NOC, RTN, SAI

Dividend Hikes Keep on Coming (AFL, APL, ABX, HEP, LMT, MMPC, NEM, EGOV)

Administrator — Wed, 26 Oct 2011 21:14:15 +0000

Wednesday was a major day for dividend hikes. We saw higher dividends and higher distributions from the following: AFLAC Inc. (NYSE: AFL); Atlas Pipeline Partners LP (NYSE: APL); Barrick Gold Corporation (NYSE: ABX); Holly Energy Partners, LP (NYSE: HEP); Lockheed Martin Corporation (NYSE: LMT); Marathon Petroleum Corporation (NYSE: MPC); Newmont Mining Corporation (NYSE: NEM); and NIC Inc. (NASDAQ: EGOV)

AFLAC Inc. (NYSE: AFL) boosted its dividend after beating earnings estimates. The payout went up by 10% to $0.33 EPS. The prior payout was $0.30.

Atlas Pipeline Partners LP (NYSE: APL) came in for the MLP lovers. It jacked its quarterly distribution by 15% to $0.54 per quarter from $0.47 per quarter.

Barrick Gold Corporation (NYSE: ABX) is loving high gold prices… It turned in a 25% hike to its dividend to $0.15 per quarter. This is still only a 1.25% dividend yield.

Holly Energy Partners, LP (NYSE: HEP) came through for the MLP faithful. The company slightly boosted its quarterly distribution payout to $0.875 per quarter. This may only be a penny per quarter per share but it is a continuous distribution hike with 28 straight hikes.

Lockheed Martin Corporation (NYSE: LMT) may be in the defense sector and tied to the age of austerity, but it sees enough earnings ahead to boost its payout: its dividend was jacked up by 33% to $1.00 per share for a yield of 5.2%.

Marathon Petroleum Corporation (NYSE: MPC) had a huge day with a 5.3% gain after it jacked up its dividend to $0.25 per quarter from $0.20 per quarter and even after the price jump its new dividend yield is almost 2.9%.

Newmont Mining Corporation (NYSE: NEM) came through with its higher payout due to gold prices. The gold leader hiked its dividend by 17% to $0.35 per share, which is more than double that of a year ago. The yield went from about 1.9% to 2.12%. That might not sound like much, but it is almost as high as the 10-year Treasury note.

NIC Inc. (NASDAQ: EGOV) has only paid special dividends if we look back at the payout history over the last few years. The company declared a special dividend of $0.25 for its shareholders. Since it is special, we are not tallying up an implied yield.

JON C. OGG

Filed under: Dividend Tagged: ABX, AFL, APL, EGOV, HEP, LMT, MMPC, NEM