Word: dividenders
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Dates: during 1990-1999
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...where most of the wire has already been laid; Viacom and Media One Group just unveiled big buybacks. Airlines are in a good spot because even though traffic slows as the economy weakens, industry leaders like AMR and Delta can stop buying planes and weed out old gas guzzlers. Dividend-paying electric utilities tend to have appeal in a weak economy anyway, but with deregulation, some (Consolidated Edison, New England Electric) have shed capital-intensive parts of the business--generating power--to focus on transmission. In trying times, companies able to conserve cash should hold up best, even...
Despite the bloodletting, though, traditional measures still show the market to be more expensive than at any time before the current cycle. The S&P 500 dividend yield, which stood at 2.6% on the eve of the 1987 crash, has dropped to 1.5%. The S&P's price-earnings ratio, or P/E (based on expected earnings), is 21--down from 23 in July but still much higher than the previous peak of 19 in 1991, according to earnings tracker First Call. Meanwhile, market leaders still sport bubble-like P/Es: Coca-Cola, where unit sales are growing about 8% a year...
...Sandy Alomar and David Justice work for them now. But of course we know that athletes work for themselves. So all that the shareholders really get is a fancy sheet of paper that may or may not develop collectible value. There's little else to underpin the stock--no dividend, no earnings, no free tickets, no say. (If shareholders had a say--a vote, that is--would they change the team's politically incorrect name and logo?) The franchise value promises to keep rising, and that helps. But only Jacobs can realize that value, and only by selling the team...
...world suddenly gone sane. And one of the nicer features of peace in Northern Ireland, surely, is that we won't have to sit through any more Brad Pitt-as-an-IRA-hard-guy stinkers. A peace dividend never smelled so sweet...
...seven foundations that, along with another, smaller, fund, now own 25 million shares (30%) of the company's nonvoting stock. They supply money directly to a few elite New York City institutions, including the Sloan-Kettering Cancer Center and the Metropolitan Museum of Art. When the company slashed its dividend in July, these institutions were confronted by a drop in their yearly payouts from $58.7 million to $29.4 million. The funds, for instance, provided $8.2 million, or 11%, of the $75 million operating budget of the Wildlife Conservation Society, the New York Times reported. The dividend cut could cost...