The Dow closed off 29 points at 21,611 on higher volume while the NASDAQ posted another gain to make it 10 up sessions is a row as tech stocks continue to shoulder on.
Spokane based Avista (aka Washington Water Power) announced today it was being bought out by a Canadian power company for a 20% premium over yesterday’s price. The buyout is at $53 per share and will be an all cash deal pending approval from the Washington Utility Commission. This is bitter sweet since they have been a reliable publically traded stock dating back to the late 1800’s. My grandpa was a shareholder as were my parents. Washington Water paid a quarterly dividend going all the way back to 1898. Beauty eh? Maybe we will retaliate by having Amazon buy Canada.
Natural gas biggie Kinder Morgan announced earnings yesterday that beat on the revenue side. The company posted a 7% gain in revenue while earnings were flat from the prior year. What brought a smile to the lips of the gurus however was the company announce it will increase the common stock divy by 60% this year and hopes to up the dividend by 25% per year going foward. This news pushed shares higher on big volume. Back in 2015 the company slashed its dividend by 75% as energy prices fell but with the rebound in energy coupled with the rising demand of natural gas for domestic and export consumption Kinder looks to regain its old form of producing solid results and a strong capital return to shareholders.