RLI (RLI) raised its quarterly cash dividend by $0.02 to $0.18 a share, declared a $2 special dividend and authorized a new stock buyback program of up to $250 million.
Both dividends are payable June 12 to holders of record May 29, the company said Thursday in a statement.
RLI shares rose 4.2% in midday trading.
Price: $49.78, Change: $+2.01, Percent Change: +4.21%
Verizon Communications (VZ) and Array Digital Infrastructure (AD) have obtained approval from the US Federal Communications Commission to assign several cellular, AWS-1, AWS-3, and PCS licenses from Array subsidiaries to Verizon Wireless, the commission said in a memorandum Thursday.The Verizon Communications subsidiary is targeting to acquire zero to 25 megahertz of cellular spectrum, zero to 20 megahertz of AWS-1 spectrum, zero to 10 megahertz of AWS-3 spectrum, and zero to 20 megahertz of PCS spectrum in 618 counties across 19 states, covering roughly 8% of the US population, according to the memorandum.The risk of public interest harm due to the applications is low, the commission said, adding that the transaction "is likely to produce public interest benefits that will enable Verizon Wireless to provide a better overall experience to its customers."Price: $47.13, Change: $-0.08, Percent Change: -0.17%
Apple (AAPL) has an average rating of overweight and mean price target of $310.12, according to analysts polled by FactSet.Price: $298.36, Change: $-0.51, Percent Change: -0.17%
Commercial Metals (CMC) shares have fallen far more than rivals this year even as pressures on US rebar prices have started to ease, boosting prospects for the steelmaker, UBS Securities said Wednesday in a report.Steel imports appear to have peaked, with Q1 volumes now back near typical levels, the report said. Rising steel prices in Turkey have also closed the gap that made foreign rebar cheaper to ship into the US, and a trade case targeting rebar from Bulgaria, Egypt, Vietnam and Algeria is moving toward final duties at the end of May, which could further limit low-priced imports, UBS said.New domestic steel supply looks less disruptive than feared, the report said. A new mill run by Hybar in Osceola, Arkansas, is close to steady production, and most of the additional supply coming online is from Commercial Metals and Nucor (NUE), which already dominate the US market for rebar, the steel bar used to reinforce concrete in buildings, bridges and highways, UBS said.Hybar, an "industry wild card," has a permit for a second, much larger mill and has discussed a possible third, posing a longer-term competitive risk, though only about 150,000 tons of new annual supply remain in the near term, the report said.UBS upgraded its rating on Commercial Metals stock to buy from neutral and lifted its price target to $89 from $79.Price: $72.67, Change: $+2.34, Percent Change: +3.33%