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Today in the Market (9/6/2022)

Good Evening. In a volatile post-Labor Day session on Tuesday, U.S. stocks fell as investors remained on edge in anticipation of the Federal Reserve’s upcoming policy decision later in the month.

The Dow Jones decreased by 0.55%, while the S&P 500 sank by 0.41%. The declines were driven by the Nasdaq, which fell 0.74%. The changes follow three consecutive weeks of declines for the major averages.

DIVIDEND INCREASE!

The substantial dividend yield and track record of payout increases at Verizon (VZ) continues. With tech and telecom stocks generally down and the economy teetering on the verge of recession, that cash return seems extremely alluring.  The firm’s constant dividend is what sets it apart from its competitors, and investors received more evidence of that on Tuesday when the company increased its dividend for the 16th consecutive year. The stock has a 6.3% yield. While AT&T’s 6.5% is higher, the latter has cut its payout by almost half this year. There is no dividend paid by T-Mobile.

They have other goals in addition to raising the dividend. Verizon is making efforts to keep up with competitors in terms of customer growth. In order to appeal to clients who are on a tight budget, it has introduced new phone plans. It is also working to expand its so-called fixed wireless business, a relatively new type of broadband service in which signals are beamed directly to a home WiFi router.

IT MIGHT HAPPEN!

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Volkswagen on Monday announced its intention to float sports car brand Porsche, triggering what could become one of the world’s largest listings even as record inflation and a Russia-Europe energy standoff have sent European stocks tumbling.

The carmaker published a so-called intention to float for an initial public offering (IPO) in late September or early October to be completed by the end of the year, but added the listing and timing were “subject to further capital market developments.”

How big would it be? Investors anticipate an estimated valuation of between $60 billion and $85 billion. Despite the success of the Porsche brand, other high-end automakers like Aston Martin and Ferrari have seen their stock prices decline. According to the highest estimations, the IPO may rank among the biggest in European since 1999 and the largest in German history, according to data from Refinitiv.

Going Forward, If the IPO is successful, Volkswagen will call an extraordinary general meeting in December to discuss a special dividend to shareholders that would represent 49% of the proceeds and be paid out in the first quarter of 2023.

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