Pfizer raises dividend
Pfizer Inc. approved a 9 percent increase in its common stock dividend, to 24 cents from 22 cents. The New York-based drugmaker with local operations said the quarterly dividend will be paid on March 5 to shareholders of record Feb. 1. Pfizer shares rose 24 cents to $25.42 in midday trading. - AP
Pa. gets $2.7M in Glaxo settlement
Through a case prosecuted by federal authorities in Boston, the Pennsylvania Department of Aging's PACE program will get $2.7 million to help uninsured residents pay for prescription medicine. GlaxoSmithKline P.L.C. settled its case in 2007 after it and 12 other drug companies were accused of falsely setting average wholesale prices for drugs, the Pennsylvania Attorney General's Office said. The $2.7 million represents Pennsylvania's share of the money that remained after all other claims had been satisfied. - David Sell
Utility sells $300M in notes
American Water Works Co., of Voorhees, said it sold $300 million of 4.3 percent senior notes due Dec. 1, 2042. The utility said it would use the proceeds to refinance and repay debt. Underwriters included BofA Merrill Lynch; Goldman, Sachs & Co.; RBS Securities Inc.; PNC Capital Markets L.L.C.; U.S. Bancorp Investments Inc.; TD Securities (USA) L.L.C.; and BNY Mellon Capital Markets L.L.C. - Inquirer staff
Lockheed wins $2.6B contract
Lockheed Martin Corp., based in Maryland but with major operations in the Philadelphia region, is expected to receive a military satellite contract from the Air Force by Dec. 31 that may be valued at almost $2.6 billion, according to the service and the company. The contract would cover the purchase of two space vehicles, the final installment in a six-satellite constellation of the Advanced Extremely High Frequency communications program. - Bloomberg News
Notes tendered in Radian exchange
Radian Group Inc., the Philadelphia-based provider of private mortgage insurance, said that as of Friday, investors had tendered for exchange $195.2 million of an eligible $250 million in senior notes originally due June 15, 2015. The company is offering to exchange those 5.375 percent notes for 9 percent notes due June 15, 2017, for what it describes as "purposes of improving its debt maturity profile." The offer is to expire Dec. 31. - Inquirer staff
Boeing raises dividend
Boeing Co., with a plant in Delaware County, increased its dividend by 10 percent and resumed a $3.6 billion share buyback as revenue was bolstered by higher orders and deliveries even while shares lag. The quarterly dividend will climb to 48.5 cents a share from 44 cents and the company plans to buy back as much as $2 billion in shares in 2013, Chicago-based Boeing said. - Bloomberg News
Mixed report on Pa. gaming revenue
Pennsylvania's gaming board said casino table games revenue from the state's 11 casinos was $55.9 million last month, up 3.4 percent from $54 million during November 2011. This year's figures, however, include $2.6 million generated from table games at the state's newest casino, Valley Forge Casino Resort. Table games revenue was down slightly when looking only at revenue from casinos that were open during both periods. - AP
Elsewhere
Airline bag-fee collections up
The federal Bureau of Transportation Statistics said U.S. airlines collected $924 million in baggage fees in the third quarter - up almost 3 percent from the same period last year. Some of the biggest gains were at United Continental Holdings Inc. United collected $187.3 million in bag fees in the third quarter, up 10.8 percent from a year earlier. Delta Air Lines Inc. is the second-biggest airline by traffic, but it has the top spot for baggage fees. It has collected $662.8 million so far this year, up slightly from the same time last year. Baggage fee collections are down sharply at American Airlines. It took in $138.3 million in the most recent quarter, down 9.5 percent from a year earlier. - AP
$5M fine over Facebook IPO
Morgan Stanley has agreed to pay Massachusetts $5 million for arranging with Facebook Inc. to disclose a revenue shortfall to certain analysts ahead of Facebook's IPO. Authorities say Facebook lost confidence in its estimate for $5 billion in revenue for 2012, and Morgan Stanley arranged for the information to be shared by phone with analysts at major underwriters. After the briefings, analysts cut their forecasts by 3 percent. - AP
