Avista increases stock dividend
Avista Corp.’s board of directors authorized a quarterly dividend of 18 cents per share on the utility’s common stock, payable Sept. 15.
Company officials said the 1 ½-cent increase represents a 9 percent gain in dividends. Avista Corp. is planning for significant capital improvements over the next several years, which will require outside financing through debt securities and common stock issuances, said Scott Morris, company chairman and CEO.
WASHINGTON
30-year rates stay steady
Rates on 30-year mortgages remained at the same level for a third week while rates on other types of home loans posted small declines.
Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.52 percent this week. That was the same rate as the two previous weeks and represented the second highest rate of the year.
Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, fell to 6.07 percent, down from 6.10 percent last week.
NEW YORK
Wal-Mart raises earnings forecast
Wal-Mart Stores Inc. raised its full-year earnings forecast Thursday after second-quarter profit rose more than expected, helped by tight inventory controls and a renewed focus on low prices that is attracting financially squeezed shoppers around the world.
But the world’s largest retailer predicted slower sales growth at its established stores in the U.S. for the current quarter, as the benefits of the federal stimulus checks dry up and customers find it more difficult to stretch their paycheck to the next payday.
SUNNYVALE, CALIF.
Yahoo taps new board members
Yahoo Inc. said Thursday it will add the former chief executives of Viacom and Nextel Partners to its board of directors as part of the company’s deal to ward off a proxy fight with billionaire investor Carl Icahn.
The Sunnyvale, Calif.-based company selected Frank Biondi Jr. and John Chapple, former chief executives of Viacom Inc. and Nextel Partners, respectively, from a list of nine possible new board members submitted by Icahn.