Sep 11, 2013

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Morning Movers: Verizon (NYSE:VZ) and Philip Morris International Inc. (NYSE:PM)

Morning Movers: Verizon (NYSE:VZ) and Philip Morris International Inc. (NYSE:PM)

Philip Morris International Inc. (NYSE:PM) hiked its quarterly dividend 11%, as the tobacco tycoon accompanies a slew of firms focusing to improve worth for stock holders.

The manufacturer of Marlboro and L&M cigarettes lifted its quarterly dividend to 94 cents per share, as compared to 85 cents, a hike that will cost the firm almost $583 million per year.

Now the annual dividend is $3.76 per share, while dividend yield is 4.5%. The fresh quarterly dividend is payable Oct. 11 to stock owners of record Sept. 26.

In July, Philip Morris declared that its second-quarter profit declined 8.3%, as the firm witnessed volume drop in all its major units. Shares ended on Tuesday at $84.23 and were flat during the premarket session. The stock has declined 7.7% in the last three months.

Verizon Communications Inc. will sell almost $49 billion worth of bonds to generate funds for the planned takeover of its US wireless associate, underlining an investor charge into highly rated debt investments amongst a spiraling economy.

The sale by the New York telecommunications firm is predicted to dwarf the former highest corporate-bond sale, a $17 billion contribution in April, by Apple Inc.

Verizon (NYSE:VZ) is predicted to sell the debt Wednesday, as per reported by people closely related with the company’s matters.

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