Well maybe not a one dollar bill, but a two dollar bill will get you a share of Bear Stearns today. The financial networks were all buzzing this morning about the anticipated one point rate cut tomorrow and the bailout of Bear Stearns by JPMorgan Chase and the feds. Now this is just a guess, but I would imagine that if you asked most of the 14,000 employees what they thought of the “bailout” you would get a one-finger salute.
Correct me if I am wrong, but I think I have heard this story before. Company has huge profits, executives make tons of money, company goes belly up, people go to jail. We are at stage 3 right now. The people going to jail will surely follow. When will these companies ever learn?
On a lighter note, the Thoroughbred Folio held steady as the market continues to fluctuate. We actually had quite a few dividends roll in during this past week. There were eight different companies that paid out a total of $5.22. I won’t list them all here but there are a couple that are worth noting. Consolidated Edison (ED) returned $0.90 while KeyCorp (KEY) weighed in with a whopping $1.24. As many will recall, we invested $75 in each Thoroughbred. That means KeyCorp is currently returning around 6.6% annually.
Nucor Corp, VF Corp, and Synovus continue to lead the pack. Nucor is way out in front with a 20% gain. The rear of the pack has some new entrants as Gannett pulled its way forward. Our old friend Total System Services leaves the bottom three for the first time in a very long time. I wish it was due to performance but alas there are companies performing even worse than TSS. Regions Financial, Leggett & Platt, and Fifth Third Bancorp are vying for last place honors.
Thoroughbred Performance (Week 13 of 52): $-243.45 (-8.11%)
Dividends To Date: $14.20
Top 3 Stocks
- Nucor Corp $15.02 (20.03%)
- Synovus $4.01 (11.85%)
- VF Corp $7.03 (9.37%)
Bottom 3 Stocks
- Fifth Third Bancorp $-15.42 (-20.55%)
- Legg & Platt $-15.00 (-20.00%)
- Regions Financial $-14.43 (-19.24%)
Stocks used in this post:
- (ED: 40.54, -1.27%, Yield: 5.69%)
- (FITB: 13.04, +19.96%, Yield: 10.86%)
- (KEY: 11.98, +54.38%, Yield: 16.79%)
- (LEG: 18.41, +0.11%, Yield: 5.44%)
- (NUE: 34.46, -12.29%, Yield: 5.52%)
- (RF: 11.49, +29.98%, Yield: 14.03%)
- (SNV: 9.87, +10.77%, Yield: 159.52%)
- (VFC: 59.21, -5.28%, Yield: 3.71%)
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