In the news: Kroger ups dividend, Monsanto sells bonds, Dupont cuts guidance


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Friday headlines include: Kroger raising its dividend and launching a new share repurchase program, Monsanto selling bonds to fund a share repurchase of its own, Alibaba decides to list on the NYSE, banks leaving Barclays' dark pool, and Dupont cutting its earnings forecast.


Grocer Kroger ( KR ) raised its dividend to 16.5 cents per share on Thursday. The next payment will be made on Sept. 1 to holders of record as of Aug. 1. The company's board also approved a $500 million share repurchase plan, replacing the company's previous repurchase authorization, which had been used up. The company spent $1.1 billion repurchasing its stock in the first fiscal quarter, buying back 25.7 million shares. The company said it doesn't expect to make any more significant purchases for the rest of the year, but could change its plans based on market conditions.


Agricultural supplies company Monsanto ( MON ) raised $4.5 billion in a bond sale Thursday. The notes were sold in seven tranches, including $1 billion of 30-year notes that were off at 110 basis points above similar Treasuries. The company plans to use the borrowings and as much as $1.2 billion in cash and commercial paper to fund a $10 billion share repurchase plan that includes buying back $6 billion through an accelerated repurchase plan. The company's credit rating was downgraded by both S&P and Moody's in response to the sale.

InterContinental Exchange

Chinese internet giant Alibaba has opted to list on the New York Stock Exchange when it holds its initial public offering later this year. The company will trade under the symbol "BABA" when it starts trading, which is expected to happen in August or September. The NYSE is owned by Intercontinental Exchange ( ICE ).


After New York's attorney general filed suit against Barclays ( BCS ) for the way it ran its dark pool, other banks have started to withdraw from trading venue according to The Financial Times . The pink newspaper reported that Deutsche Bank ( DB ), Credit Suisse (CS), Royal Bank of Canada (RBC) and Alliance Bernstein (AB) had withdrawn from the dark pool. Barclays said that any drop in trading volume on the venue was likely due to a technical issue.


Chemical company Dupont (DD) said Thursday that its operating profit will be less than previously expected due to weak sales in its agriculture and performance chemical businesses. The company said it now expects operating profit to fall from $1.28 per share in the year-ago period. For the full year, the company lowered its guidance to $4.00 per share from a previous estimate for $4.10 per share. Analyst had expected $1.46 for the quarter and $4.30 for the year.

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This article appears in: Investing , bonds , Earnings
More Headlines for: KR , MON , ICE , BCS , DB

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