Pier 1 Imports (NYSE: PIR ) has been one of the market's biggest winners since its shares bottomed out at $0.10 three years ago. On Thursday, the home-furnishings retailer reinitiated its dividend. The same Pier 1 that hadn't shelled out quarterly distributions since 2006 will now be rewarding investors with $0.04 a share every three months.
It's a modest sum, but can you imagine the lucky investors who snapped up the stock in March 2009, when it was trading for as little as a dime? Those shareholders are not only sitting on a 180-bagger right now, but they'll now also be making back their original investment every three quarters!
Briefly in the news
And now let's take a quick look at some of the other stories that shaped our week.
- NVIDIA (Nasdaq: NVDA ) has a new believer. Cantor Fitzgerald initiated coverage of the graphics-chip giant with a "buy" rating and $20 price target. Looking good, Nvidia.
- Quepasa (AMEX: QPSA ) is going in for a name change. The social-discovery specialist behind myYearbook and its namesake social-networking website will change its corporate moniker to MeetMe later this year. If that doesn't work, it can always be an online dating website with that name.
- Sirius XM Radio (Nasdaq: SIRI ) has been volatile in recent days. The stock was initially climbing on the prospects that Liberty Media (Nasdaq: LMCA ) would add to its 40% stake in the company, but the shares went the other way when an analyst argued that Liberty is unlikely to pay up to grow its stake. I guess there's static even on satellite radio.
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