Stocks to watch Thursday: UTC, Barnes & Noble
WASHINGTON (MarketWatch) -- Among the stocks that could see active trade in Thursday's session are
The board of United Technologies (UTX) approved an 11.5% increase in the blue-chip conglomerate's quarterly dividend on common stock, to 53.5 cents a share. It's payable Sept. 10 to stockholders of record as of Aug. 17, the Hartford, Conn.-based company said.
Also late Wednesday, the board of C.R. Bard Inc. (BCR) took steps on two fronts to return capital to stockholders. The directors authorized the repurchase of up to $500 million of the common stock, on top of about $88 million remaining under the Murray Hill, N.J.-based company's June 2010 authorization. Buybacks will be made from time to time in the open market or via privately negotiated transactions. Separately, the board voted a 5% increase in C.R. Bard's quarterly dividend to 20 cents per common share. The new dividend's payable Aug. 3 to holders of record as of July 23.
The board of
More than $29 million will be paid to settle a lawsuit brought on behalf of shareholders of Barnes & Noble (BKS) , according to a pair of law firms that specialize in securities class actions. Grant & Eisenhofer PA, Wilmington, Del., and Chimicles & Tikellis LLP, Haverford, Pa., reached the settlement with Leonard Riggio, founder of New York-based Barnes & Noble and its controlling shareholder. The settlement grew out of a 2009 suit filed over accusations that the company's acquisition of textbook retailer Barnes & Noble College Booksellers Inc., which Riggio and his wife owned, was overpriced. Terms call for a reduction of nearly $22.8 million in the purchase price of a $150 million promissory note, with the balance representing a reduction in interest payments due on the note.
Along with reporting results for the fourth quarter ended April 30, Korn/Ferry (KFY) issued a sober short-term forecast, saying "uncertainty and challenges facing the global economy and financial markets" make it "particularly difficult" to project business results for the Los Angeles-based recruiting firm. For the first quarter of fiscal 2013, management pegged earnings in a range of 14 cents to 22 cents a share, with likely fee revenue of $172 million to $188 million. Fee revenue, which accounts for the bulk of Korn/Ferry's top line, amounted to $198.1 million in the April quarter, up less than 1% from the prior year, as the company posted a net profit of 25 cents a share.