Shares of Cytec Industries are down about 22% after the company slashed its dividend by 90%, and reported a net loss for the quarter. Sales declined significantly across all of Cytec's chemical product lines as a result of the economic downturn, and earlier this year Cytec announced it would cut 600 jobs to reduce operating costs.
Gladstone Investment Corporation cut its dividend in half to 4 cents a month, sending shares tumbling about 13%. The company, which had formerly prided itself on never lowering its dividend, blamed the cut on restrictions imposed under a new credit facility. According to company president David Dullum, "Under the new facility with BB&T and Key Bank, our new bank lenders want us to conserve our capital to grow the portfolio and support our existing investments." Sister company Gladstone Capital also slashed its dividend.
C&D Technologies shares are off nearly 17% after the producer of standby power systems announced a consolidated net loss of 55 cents per share on lower revenues. CEO Jeffrey Graves cited weaker end markets driven by the economic slowdown.
Shares of A. O. Smith were trading lower by over 12% after the company reported quarterly earnings that were about 60% lower than the same period last year, citing a substantial decline in its end market demand. Due to the prolonged recession, the company also adjusted its full year earnings guidance, to 1.80 to 2.10 per share.
Media General reported a quarterly net loss of 96 cents per share today, after an 18% revenue decrease. Shares were off over 12% on the news, to 2 dollars 61 cents. Media General traded at around 15 dollars a share just one year ago.
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.
X
Wait! Don't leave yet.
Want to receive our latest research absolutely free?
⤹
Click the button below for your complimentary copy of Your Early Retirement Portfolio: Dividends Up to 8.7%—Every Month—Forever.
You'll discover the details on 4 stocks and funds that pay you massive dividends as high as 8.7%.