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12:10PM
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Overseas Shipholding tanks on dividend suspension ( OSG DJT ) by Matt Andrejczak
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SAN FRANCISCO (MarketWatch) -- Shares of Overseas Shipholding Group ( osg) tanked 15% to $10.07 midday Friday after the company said it won't pay its dividend of 22 cents a share for the first quarter. Overseas Shipholding said it wants to conserve cash to weather a challenging global economic market that hurt shippers. Overseas Shipholding, which ships oil, coal and grain products around the world, had already cut its dividend in half last August. It's also eliminated 2011 cash bonuses for senior management and reduced board member compensation. Overseas shares have plunged 70% over the last 12 months. The stock is part of the Dow Jones Transportation Average ( djt) , which is up 4.7% so far this year.
- 12:09PM
CBOE's VIX spikes above 20 as uncertainty rises ( VIX ) by Kate Gibson
NEW YORK (MarketWatch) -- The Chicago Board Options Exchange Volatility Index ( vix) on Friday spiked 10% to rise above 20 for the first time in nearly two weeks. "A 10% move, that's a little unsettling," said Randy Frederick, director of trading and derivatives at the Schwab Center for Financial Research. While the size of Friday's move is noteworthy, the climb above 20 is a healthy one, given the VIX had been projecting an overly complacent investment community, said Frederick. "We need a little more skepticism in the market, there is a lot going on," said Frederick, who adds the VIX's moves upwards represent "a measure of uncertainty, not necessarily fear."
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