Procter & Gamble
Procter & Gamble upped its quarterly dividend by seven percent today marking its 58th consecutive year with a higher output for shareholders. Shares of the consumer products giant, which makes everything from Pampers diapers to Tide detergent, rose nearly one percent, closing at $80.49.
Lands’ End was off to a rough start in its trading debut on the Nasdaq today. The clothing retailer was the last unit spun off from Sears Holdings, which has owned it for the past 14 years. Lands’ End’s IPO landed with a thud, down almost seven percent to $29.55.
It wasn’t a good day for Credit Suisse. Switzerland’s second-largest lender may face a new investigation by New York state banking officials for its role in helping wealthy American clients “avoid” paying U.S. taxes. The state’s top financial regulators requested documents from the bank to see if it lied about creating offshore tax shelters. Worried investors sold off shares of Credit Suisse. They fell nearly two percent to $32.07.
Visa & Mastercard
Shares of the nation’s two largest credit card processors ended lower today. Reuters reports that a lot of big retailers are looking to lower their costs by investing in their own mobile payment systems. Also a factor, Russia suspended payments by Visa and Mastercard because of U.S. economic sanctions over the crisis in Crimea. Shares of Visa fell two percent closing at $203.41. Shares of Mastercard fell one percent to $71.33.
Connecticut-based drug maker MannKind saw its shares shot up last week after an FDA panel recommended approval of its inhaled diabetes drug Afrezza. But now, the FDA extended its review time by another three months. That sent shares of MannKind down eight percent to $6.32.
Mallinckrodt & Questcor
More consolidation in the specialty pharmaceuticals business. Ireland-based Mallinckrodt plans to buy U.S. drug maker Questcor for $5.6 billion dollars. Questcor is best-known for its treatment of autoimmune and inflammatory disorders. Shares of Questcor rose nearly 19 percent on the takeover news, closing at $80.58. Shares of Mallinckrodt, which trades in the U.S. on the New York Stock Exchange fell 2.5 percent ending at $60.95.