Month: October 2012

IBM (IBM) was rated a new buy by Citigroup (C) with a $250 price target, as the firm sees it as a compelling long term investment in the tech sector. Shares are even in trading today.

In trading on Tuesday, construction materials & machinery shares were relative laggards, down on the day by about 2.5%. Helping drag down the group were shares of Owens Corning (OC), down about 11.3% and shares of CRH (CRH) down about 3.3% on the day.

Stanley Black & Decker (SWK), a tool manufacturer, announced that it is selling its home improvement and hardware business to Spectrum Brand Holdings for $1.4 billion. Th unit makes locksets, faucets, and hardware under brands such as Pfister, Baldwin, and Kwikset.

GOP presidential nominee Mitt Romney campaigned in Van Meter, Iowa Tuesday. He told the crowd that he would loosen regulations on farms, if elected.

A dividend refers to the distribution of a portion of a company’s earnings, determined by the board of directors, to shareholders. The dividend is quoted in terms of the dollar amount received by each share, as well as in terms of a percent of the current market price, when it is referred to as the dividend yield.

Wal-Mart (WMT) and American Express (AXP) are working together to develop an new prepaid debit card called “Bluebird” designed to target lower income shoppers without bank accounts. The new card will accept payroll deposits and smartphone deposits, while also having mobile payment and person-to-person transfer abilities.

Ashland (ASH) was downgraded by JP Morgan (JPM) to neutral from overweight with a price target of $76 from Overweight to Neutral, JP Morgan said. Valuation call, based on a $76 price target.

Allegiant Travel (ALGT) had its estimates and price target raised by UBS (UBS) following solid third quarter guidance. A $75 price target was issued with a buy rating.

Northwest Natural Gas (NWN) announced its quarterly dividend of 45.5 cents per share, an increase of about 2% over its prior dividend in July of 44.5 cents. The dividend will be paid November 15, 2012, to shareholders of record on October 31, 2012.

In trading on Monday, auto dealerships shares were relative leaders, up on the day by about 1.5%. Leading the group were shares of Carmax (KMX), up about 11.8% and shares of Group 1 Automotive (GPI) up about 1.8% on the day.