Barrick Gold Slashes Dividend Over Price Drop and 2 Other Heavily Traded Stocks to Follow
Barrick Gold Corp. (NYSE:ABX): Current price $16.81
Barrick Gold has been known for its generous dividend, but this time the gold miner slashed its quarterly dividends by 75 percent, from 20 cents per share to 5 cents. Even though the firm saw a slight year-on-year increase in output, it had to write down a hefty loss of $8.7 billion in impairment charges while gold landed in a bear market in the second quarter. The dividend reduction will free approximately $600 million yearly, which Barrick will use to pay off some $1.8 billion in accumulated debt.
Citigroup Inc. (NYSE:C): Current price $52.86
Citigroup has recruited John Mann from Goldman Sachs Group Inc. to be its chief of index trading within credit markets, two sources told Bloomberg. The sources also said Mann will report to the head of global credit trading, Brian Archer. Mann started working at Goldman Sachs in 2002, according to files from the Financial Industry Regulatory Authority.
SunPower Corp. (NASDAQ:SPWR): Current price $23.90
SunPower shares are down over 13 percent in late afternoon trading on Thursday despite the firm reporting adjusted second-quarter revenue surpassing consensus estimates and beating on the bottom line. The company also elevated its non-GAAP earnings outlook far above previous forecasts based upon a higher anticipated gross profit margin. However, the outlook for the third quarter — between $550 million and $600 million on a non-GAAP basis — is below the consensus for $699 million.