Standard & Poor’s announced late Thursday that Tyco International (NYSE: TYC) will replace Smith International in the Standard & Poor’s 500 Index at the close of trading on August 26 as Schlumberger Ltd. finalizes its purchase of the oil-services company. Schlumberger said in February that it will buy Smith in an all-stock transaction valued at about $11 billion at the time. Shares of Tyco International rallied more than 4% in pre-market trading.
Lorillard, Inc. (NYSE: LO) , the third largest manufacturer of cigarettes in the United States, announced today that its Board of Directors approved a 12.5% increase in the quarterly dividend on its common stock from $1.00 per share to $1.125 per share. The dividend is payable on September 10, 2010 to stockholders of record as of September 1, 2010. The company's Board of Directors also approved a share repurchase program, authorizing the Company to repurchase in the aggregate up to $1.0 billion of its outstanding common stock.
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