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Daily Dividend Report: WERN, WHR, MSI, GPC, DGX, FLO, ESV, EPR

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Werner Enterprises ( WERN ) declared a regular quarterly cash dividend of $.060 per common share payable to stockholders of record at the close of business on October 5, 2015. This dividend is a $.010 per share increase compared to the Company’s previous quarterly dividend rate of $.050 per share. This dividend will be paid on October 20, 2015.

Whirlpool declared a quarterly dividend of 90 cents per share on the company’s common stock. The dividend is payable September 15, 2015, to stockholders of record at the close of business on August 28, 2015.

Motorola Solutions ( MSI ) has approved a regular quarterly dividend of 34 cents per share payable in cash on Oct. 15, 2015, to stockholders of record at the close of business on Sept. 15, 2015. Genuine Parts Company declared a regular quarterly cash dividend of sixty-one and one-half cents per share on the Company’s common stock. The dividend is payable October 1, 2015 to shareholders of record September 4, 2015. Quest Diagnostics ( DGX ) declared a quarterly cash dividend of $0.38 per share, payable on October 21, 2015 to shareholders of record of Quest Diagnostics common stock on October 6, 2015. Flowers Foods ( FLO ) announced a second quarter dividend of $0.1450 per share, an increase of 21% over the same quarter last year. This action renews the annual dividend rate of $0.58 per share announced in June, 2015. The dividend is payable on September 15, 2015, to shareholders of record on September 1, 2015. Ensco ( ESV ) has declared a regular quarterly cash dividend of US$0.15 per Class A ordinary share payable on 18 September 2015. The ex-dividend date for this payment is expected to be 2 September 2015, with a record date of 4 September 2015. EPR Properties (EPR) has declared its monthly cash dividend to common shareholders. The dividend of $0.3025 per common share is payable September 15, 2015 to shareholders of record on August 31, 2015. This dividend represents an annualized dividend of $3.63 per common share, an increase of 6.1% over prior year and the Company’s fifth consecutive year with an annual dividend increase.

Daily Dividend Report: WERN, WHR, MSI, GPC, DGX, FLO, ESV, EPRVIDEO: Daily Dividend Report: WERN, WHR, MSI, GPC, DGX, FLO, ESV, EPR

 

 

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

 

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Economy

Stocks Plunge Again, Jobless Claims Surge to New Record

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Stocks Plunge Again, Jobless Claims Surge to New Record

The stock market started the second quarter the same way the first quarter ended, with significant losses across the board.

The Dow Jones Industrial Average, S&P 500 and Nasdaq all slid 4.4% yesterday as investors braced for more bad news about the spread of the coronavirus and historical jobless claims due to the outbreak.

President Donald Trump warned that a “very, very painful” two weeks lie ahead for the country as it faces a rapidly spreading COVID-19 outbreak that is approaching 200,000 cases here in the US.

With uncertainty over how long the country will be shut down in an attempt to slow the spread of the virus, it’s becoming virtually impossible to predict how the market will perform going forward.

“Everything hinges on how long we are in this shutdown,” said Anwiti Bahuguna, head of multi-asset strategy at Columbia Threadneedle Investments, in an interview. “We don’t know how long the shutdown may last, so it’s hard to predict what U.S. growth will look like.”

Adding to the misery on Wall Street, this morning’s initial jobless claims report showed that a record 6.6 million Americans filed for unemployment insurance last week.

That dwarfs the then-record 3.3 million new filings reported two weeks ago, and brings the total claims to nearly 10 million in the last two weeks due to the coronavirus outbreak.

For comparison, today’s numbers were almost 10 times higher than any previous report prior to the coronavirus outbreak.

Excluding the last two weekly reports, the highest week for claims was 695,000 in 1982. And as miserable as the job market was during the Great Recession, the highest number of jobless claims during that period was 665,000 in March 2009.

“We’ve lived through the recession and 9/11. What we’re seeing with this decline is actually worse than both of those events,” said Irina Novoselsky, CEO of online jobs marketplace CareerBuilder.

The lone bright spot in the markets is oil, as the price surged 10% after President Trump mentioned the possibility of a truce in the price war between Saudi Arabia and Russia.

West Texas Intermediate (WTI) futures jumped $2.11/barrel to $22.42 on the seemingly good news.

“Worldwide, the oil industry has been ravaged,” Trump said during a media conference on Wednesday. “It’s very bad for Russia, it’s very bad for Saudi Arabia. I mean, it’s very bad for both. I think they’re going to make a deal.”

Trump added he expects both countries to end their price war within a “few days” meaning they will slow production and bring prices back up.

The president also invited the heads of US oil companies like Exxon Mobil and Chevron to meet with him at the White House to potentially discuss how Washington can help the companies get through the current crisis as they face bankruptcies and massive layoffs.

“I’m going to meet with the oil producers on Friday. I’m going to meet with independent oil producers also on Friday or Saturday. Maybe Sunday. We’re going to have a lot of meetings on it,” he added.

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Economy

Stocks Will Head Lower, Warns Billionaire Bond Investor

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Stocks Will Head Lower, Warns Billionaire Bond Investor

Billionaire bond investor and DoubleLine Capital founder Jeffrey Gundlach is the latest Wall Street veteran to warn that the worst is yet to come for stock prices.

He joins famed investor Jim Rogers, who said on Tuesday that he expects the market to stay elevated for a while, but ultimately another stock market route is on the way.

“I expect in the next couple of years we’re going to have the worst bear market in my lifetime,” Rogers said in a phone interview.

Gundlach may not be as bearish as Rogers, but he did say earlier in March that there was a 90% chance the United States would enter a recession before the end of the year due to the effects of the coronavirus pandemic.

In the short-term Gundlach said during a webcast on Tuesday that he believes that the lows we saw in March will be eclipsed in April due to the uncertainty around the coronavirus outbreak and when we can expect the number of new cases to slow.

“I think we are going to get something that resembles that panicky feeling again during the month of April,” while adding “The low we hit in the middle of March, I would bet that low will get taken out.”

Mark Hackett, chief of investment research at Nationwide agrees with Gundlach and warns that there is compelling evidence that nearly every bear market has a few rallies before plunging lower.

“Last week’s double-digit gain for markets was a welcome relief rally, though market bottoms are rarely as clean as this one has been. In 2000/01, there were four rallies of greater than 20% before ultimately reaching a bottom, and in the financial crisis, the S&P 500 had a false breakout of 27% before hitting a bottom.”

Gundlach also said that any projections that the US economy will quickly recover once the spread of the virus slows were too optimistic and that the hopes of a quick recovery were causing the markets to act “somewhat dysfunctionally.”

“We will get back to a better place, but it’s just not going to bounce back in a V-shape back to January of 2020,” he said.

Gabriela Santos, JPMorgan’s global market strategist agrees with Gundlach that we aren’t going to get the quick “V-shaped” recovery that most are predicting.

She believes that we’ll start a slower “U-shaped” recovery once coronavirus infection rates peak.

“A ‘V-shape’ I think we should unfortunately discount at this point, because even when infection rates peak for COVID-19 around the world, what the China experience is teaching us is even though the government begins to relax some social distancing guidelines, individuals themselves are still very careful about how exactly they go back to their day to day lives,” she said.

“So demand was quick to shut down, but it’s actually much slower to come back online,” she added. “The better analogy here is a U. There’s a very sharp drop in activity in the first half, there’s a bit of a stall in the second, and then in 2021 is when that strong rebound begins.”

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Finance

Brutal First Quarter For Stocks Comes to End, Here’s What’s Next

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Brutal First Quarter For Stocks Comes to End, Here’s What’s Next

All three major indexes ended Tuesday in negative territory, with the S&P 500 slipping 1.6%, the Dow Jones Industrial Average falling 1.84% and the Nasdaq dropping 0.95%.

Mercifully, the first quarter has come to an end, so we can start to put the post-Feb 19th carnage into some context.

The Dow has plunged 23.2% since the start of the year, it’s worst first-quarter performance in history, and single worst overall quarter since the fourth-quarter of 1987 when it plunged 25.3% during the Black Monday crash.

The S&P 500 is down 20% so far this year, it’s largest quarterly decline since the 2008 financial crisis. It’s also the first time in more than a decade that the index started the year losing ground in each of the first three calendar months. The S&P was down 0.2% in January, 8.41% in February and 13.1% in March. That’s only happened seven other times in the indexes’ 63-year history.

The Nasdaq closed out the quarter down 14% since the start of the year.

Stock weren’t the only investments getting pummeled, oil turned in a particularly gruesome report card for the quarter as well.

Prices for West Texas intermediate crude (WTI) futures saw their largest single-quarter decline in history to start the year, with prices dropping more than 65%. In March alone the number of oil contracts fell 54%, also a record for a single-month.

While nearly all of this volatility in stocks is a result of the coronavirus outbreak (oil’s decline is also due to a price war between Saudi Arabia and Russia), the fallout from the pandemic is expected to dramatically affect our country’s gross domestic product (GDP) in the coming quarters.

Yesterday Goldman Sachs said that the second-quarter U.S. economic decline would be much greater than it had previously forecast. The bank says it expects higher than anticipated unemployment figures and “sky-high jobless claims numbers” because of the coronavirus pandemic.

It’s also forecasting a real GDP sequential decline of 34% for the second quarter on an annualized basis, significantly higher than its earlier estimate of 24% drop. Also concerning is that the bank now sees the unemployment rate hitting 15% by mid-year compared to its earlier estimates of 9%.

Looking Ahead

When the market is volatile like it has been for the last month or so, it’s often hard to imagine brighter days ahead.

But when you look at the market’s historical performance immediately following a significant decline like we are seeing right now, there are reasons to be optimistic.

According to Dow Jones Market Data, after the Dow has turned in a quarter as brutal as the one we just went through, the index returns 11.88% and 8.49% in the following two quarters.

And over the course of the following year, the Dow returns 22.75% on average.

For the S&P 500, the two quarters following a massive decline return 12% and 15.8%, and a year later the index is up 27.79% on average.

And the Nasdaq returns 3.79% and 5.57% over the next two quarters and 9.54% over the following year.

So while nothing is guaranteed, it appears we can look forward to better returns ahead.

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