PacWest says deposits are rising and that it s in ongoing discussions with partners and investors, First Horizon s merger deal with TB Bank is mutually terminated, Arconic will be bought by Apollo Global Management, and Paramount slashes its dividend.
Walgreens Boots Alliance is one of the Dogs of the Dow. Joe Raedle/Getty Images
The Dogs of the Dow and other income investment strategies have enjoyed a bounce so far in 2021, while convertible bonds remain hot and the preferred stock market has experienced a small pullback.
High-dividend stocks are faring well as investors rotate into value-oriented strategies. Bulls say the run could last a while given how much high yielders have lagged behind in recent years.
The Dogs of the Dow, which are the 10 highest-yielding stocks in the 30-stock
Dow Jones Industrial Average, were up 4% year-to-date through Thursday, topping the overall index, which gained 1%. That followed a poor 2020, when the 10 Dogs returned negative 7.7% including dividends, far behind the Dow’s 9.7% total return.
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Poshmark stock has more than doubled from its IPO price. CEO Manish Chandra sees the secondhand market ramping up for branded apparel and other goods as consumers embrace social selling. Michael Nagle/Bloomberg
Poshmark on Thursday continued the recent run of spectacular venture-backed initial public offerings, priced at $42 a share, above the $35 to $39 target range and opening at $97.50, a gain of more than 130% from the IPO price. Poshmark founder and CEO Manish Chandra sees a potentially huge market that’s just getting started and apparently investors agree with him.
Including the “green shoe,” over-allotment option, Poshmark (ticker: POSH)will have 74 million primary shares outstanding after the offering, giving the company a market valuation of around $7.5 billion. On a fully diluted basis, reflecting in-the-money options and restricted stock units, there are about 10 million more shares, boosting the valuation