Word: dividenders
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...been buying). Typically, gas-company P/Es are slightly above the S&P multiple. Today the group trades at a 50% discount, Manley notes. Big oil companies don't look cheap, but domestic producers are trading below the market average, including Amerada Hess. Electric utilities are best valued by their dividend yields. Secure yields of 4% to 6%--as with FPL and Public Services Enterprises--are out there...
...done just that with some of her savings, shifting more heavily into bonds as well as value funds and funds that invest in small and middle-size companies--which have held up best. But even conservative stock portfolios loaded with dividend-paying companies and real estate holdings have begun to melt away in the past month. Thompson now understands that she must work at least part time. "I watch my money, and I don't spend extravagantly," she says. "I'm realizing that the growth in money I thought I would have for my later years just...
...trading at 22 times trailing 12-month earnings--still well above the norm of about 16. If profits grow as they have in the past, at about 7% annually, and the P/E multiple retreats to 16, the market will return zippo for five more years, except for an annual dividend of less than 2%. This assessment may prove too pessimistic. The recession depressed earnings; a robust recovery could drive them higher faster. But there's no realistic scenario in which stocks resume and sustain anything close to their '90s trajectory...
...intermediate-term bonds or bond funds. Preferred stock as well as bonds convertible into stock fit here too, offering decent yields and, in the case of "converts," a shot at capital gains if the market shoots higher. Consider the Northern Income Equity fund. Some blue chips now offer dividend yields of 5%. For those in the top tax bracket, short-term tax-exempt municipal bonds and bond funds are a steal today, yielding an after-tax equivalent of 7% plus...
...Taufik was handed a rare no. Freeport had acted as guarantor for the original loan from Chase Manhattan of $315 million, which enabled Hasan to buy the shares. It had also pledged to lend Hasan's company any shortfall on the interest payments not covered by dividend from the stock, a sum that had climbed to some $69 million by late 2001. Freeport withdrew its guarantee and paid off the $253.4 million remaining on the loan. In return the company got back the troublesome 4.7% stake. Freeport says the decision to repay the loan came after Hasan's company said...