Exxon Mobil Down Nearly $20 in Three Days
Exxon Mobil(XOM Quote - Cramer on XOM - Stock Picks) is taking a major hit this week, as oil prices are down nearly $14 a barrel from last Friday's close.
The company's shares have dropped 35% in the last four months and are down nearly $20 from last week's close, as of early trading today. The drop in share price is not a surprise, as oil prices have taken a huge hit, down $45 a barrel (from the Aug. 1 price of $125 a barrel) to a recent quote of $80.
We had removed shares of Exxon Mobil from our "recommended" list back on July 31, when shares were trading at $84.38. We believe the stock is still pricey at its current levels, and we would prefer to look at the shares once the dividend yield becomes more attractive. Investors should not be in any rush to jump into any long-term positions at this point. The company has a 2.35% dividend yield, on the basis of last night's closing stock price of $68.00.
Exxon Mobil (XOM) is not recommended at this time, holding a Dividend.com rating of 3.3 out of 5 stars.
Apartment Investment & Management Delivers Interesting Earnings News
Apartment Investment & Management(AIV Quote - Cramer on AIV - Stock Picks) came out with some interesting news today, as the company expects third-quarter funds from operations to meet or beat guidance, according to preliminary results, and said it plans a special quarterly dividend.
The company is one of the nation's largest owner and operators of apartment complexes. The company expects to meet or exceed its guidance of 81 cents to 85 cents per share for the quarter. Also, management plans to recommend that the board declare a $1.80-per-share special quarterly dividend to holders of Class A common stock, payable in a combination of cash and additional common stock.
Tom Reese and Paul Rubillo
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