Aloca Anounces Stock Buyback, Dividend Hike
In an otherwise lackluster day, Alcoa (AA) announced plans to buyback 10% of its outstanding stock and raise its dividend by 13%, lifting shares to 31.40, up 3.6%.
IBM fell three percent after forecasting 10% earnings growth in 2007, which is lower than investors had anticipated.
For the week, the Dow and the S&P 500 closed nearly flat, while the Nasdaq dropped 2.1%, after disappointments from Intel (INTC) and Apple (AAPL), which closed at 88.50, down 9.4% from last week’s high of 97.80