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SeaWorld Entertainment (SEAS) shares were falling more than 6% premarket after the company slashed its cash dividend by more than half to $0.10 from $0.21 per share. The move is designed to give SeaWorld the cash it needs to repurchase shares on the open market during the remainder of the year.
Shareholders of record as of September 29 will be paid the $0.10 dividend on October 7, but all dividend payouts after that will be stopped, the company said. SeaWorld has battled dwindling attendance amid a 40% decline in stock price this year.
The news of SeaWorld's dividend cut shouldn't be a surprise to anyone subscribed to David Peltier's Dividend Stock Advisor. Peltier identified SeaWorld as one of 10 securities in danger of cutting their dividend.
Newell Brands (NWL) , maker of a variety of consumer products including Rubbermaid, has been one of the strongest growth stocks of 2016, rising more than 16% year to date. The company has benefited from its ongoing Project Renewal Program, an investment and divestment strategy that it expects to result in annual cost savings of about $700 million by the end of 2017.
The company's performance so far this year was enough for the Action Alerts PLUS team to add the stock to its charitable trust last week. Co-managers Jim Cramer and Jack Mohr believe that Newell is currently undervalued compared to its peers and capable of driving at least 5% core sales growth long-term.
Costco (COST) shares have had a rough run in September, to say the least, falling about 10% since August 24. The company has suffered since it announced that its August revenue was hurt by the company expanding too quickly overseas. While Mexico, the U.K. and Spain were strong performers, the company's new stores in Asia and Australia underperformed expectations during the previous quarter.
Chris Versace and Bob Lang of the Trifecta Stocks portfolio believe that the stock's decline so far this month is on par with the company's historic "wild moves up and down." The Growth Seeker team sees September's dip as a buying opportunity and used the stock's six month chart to bolster their case.
