General Dynamics (GD) -1.35%, Northrop Grumman (NOC) -1.16%
The U.S. Navy awarded a $14 billion submarine contract to a unit of General Dynamics. The contract calls for construction of eight Virginia-class submarines to be built by Electric Boat, a wholly owned subsidiary of General Dynamics, and Northrop Grumman Shipbuilding, a unit of Northrop Grumman (NOC). The companies will construct one ship per year in 2009 and 2010, and two ships per year from 2011 through 2013.
Covidien Ltd (COV) -4.68%
Covidien said it will change its country of incorporation to Ireland from Bermuda. Investors who track stock benchmarks such as the S&P 500 may sell 65 million shares as a result, JPMorgan & Chase estimates.
We are starting to see more companies leaving Bermuda in anticipation of decreased tax benefits once Obama takes office.
Washington Federal Inc. (WFSL) -26.38%
Washington Federal plummeted after it reduced its quarterly dividend by 76 percent to 5 cents a share, citing higher credit costs.
Quick Hits
Peter Lazaroff, Junior Analyst
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