News: Eastman Kodak Loses Edge, Vice Fund Likes Altria, and Macy’s Dividend
Today’s breaking news includes Eastman Kodak losing its edge, sin stocks that are sizzling and Macy’s is giving back to investors.
Eastman Kodak (NYSE:EK) - For nearly a century, no company commercialized the camera as successfully as Kodak, whose breakthroughs included the Brownie camera in 1900, Kodachrome color film, the handheld movie camera, and the easy-load Instamatic camera. But Kodak's storied run began to end with the advent of digital photography and all the printers, software, file sharing, and third-party apps that Kodak has mostly missed out on. Since the late 1980s, Kodak has tried to expand into pharmaceuticals, memory chips, healthcare imaging, document management, and many other fields, but the magic has never returned. Its stock price is now about 96 percent below the peak it hit in 1997. – Seeking Alpha
That's according to a mutual fund manager who's finding plenty of investment opportunities in companies profiting from vices like smoking, drinking and gambling. Jeff Middleswart's aptly named Vice Fund is beating the house in a down market. The Standard & Poor's 500 index is down 1.9 percent this year. Yet stocks of cigarette makers are up an average 12 percent. The Vice Fund's three biggest holdings are cigarette stocks: Philip Morris International Inc. (NYSE:PM), Lorillard Inc. (NYSE:LO) and Altria Group Inc. (NYSE:MO) That explains why the fund is up 4.5 percent this year, ranking in the top 3 percent of its large-blend fund peers according to Morningstar. – AP
The board of directors of Macy's, Inc. (NYSE:M) today declared a regular quarterly dividend of 5 cents per share on Macy's common stock, payable Oct. 1, 2010, to shareholders of record at the close of business on Sept. 15, 2010. Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2009 sales of $23.5 billion. The company operates about 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's. The company also operates macys.com and bloomingdales.com. – Business Wire