Ex-Dividend Stocks: Goldman Sachs, Time Warner

NEW YORK ( TheStreet) -- The following stocks go ex-dividend Tuesday, meaning an investor must purchase the shares Friday (the Memorial Day holiday is Monday) to qualify for the next dividend payment: Goldman Sachs ( GS), Time Warner ( TWX), Barrick Gold ( ABX), CSX ( CSX), Corning ( GLW), Nordstrom ( JWN), Harley-Davidson ( HOG), Newell Rubbermaid ( NWL) and Union Pacific ( UNP).

Goldman Sachs

The financial services company reported on April 17 first-quarter earnings of $2.1 billion, or $3.92 a share, up from year-earlier earnings of $908 million, or $1.56 a share.

"We are downgrading our five bulge names to Market Underperform, including theUniversal Banks (JPM, C, and BAC) from Market Perform and the Full-Service Securities Firms (GS and MS) from Market Outperform," JMP Securities analysts wrote in a report Monday. "We believe other Capital Mkts names will likely fall less."

Forward Annual Dividend Yield: 1.9%

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Time Warner

The media company reported first-quarter earnings on May 2 of $583 million, or 59 cents a share, down from year-earlier earnings of $653 million, or 59 cents a share.

"Deteriorating publishing advertising is contributing to a lower near-term outlook, although content cycle helps maintain confidence in full-year outlook," Wedbush analysts wrote in a May 10 report. "We take with a grain of salt management's commentary on the strength of the scatter market as a harbinger of a good upfront selling season, as, historically, we do not find a strong relationship between the two. On the other hand, we do see the potential for greater monetization of the company's TV content, which in part contributes to raising our full-year Networks (HBO) and film EBIT estimates."

Forward Annual Dividend Yield: 3%


Barrick Gold

The gold and copper producer reported on May 2 first-quarter earnings of $1.03 billion, or $1.03 a share, up from year-earlier earnings of $1 billion, or $1 a share.

"ABX remains committed to its growth target of 9Mozspa of gold production by 2016 with Pascua Lama and Pueblo Viejo the key to meeting the target, supplemented by mine and/or mill expansions within its existing asset base," Credit Suisse analysts wrote in an May 16 report. "As the largest producer in the sector with low costs, ABX is well positioned to weather the current weakness in the gold price. With the recent 33% dividend increase to $0.20/quarter, the stock also provides a dividend yield over 2%."

Forward Annual Dividend Yield: 2.2%

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CSX

The transportation company reported on April 17 first-quarter earnings of $449 million, or 43 cents a share, up from year-earlier earnings of $395 million, or 35 cents a share.

"CFO Fred Eliasson reiterated that CSX expects record EBIT and net earnings forfull year 2012 (we target $1.78 vs. 2011's $1.66), but was non-committal for 2Q12(we target $0.48 vs. 2Q11's $0.44)," Bank of America Merrill Lynch analysts wrote in a May 20 report. "Its 1Q12 volumes are up 1% quarter-to-date, posting slightly faster than our 0.6% growth target, though five of its past seven weeks have posted declines in the low single digit range, with seven weeks left in the quarter. It noted that 2Q remained its most challenging quarter in 2012, but that strength in non-coal segments, such as Intermodal, would help round out a strong 2012."

Forward Annual Dividend Yield: 2.7%


Corning

The company reported on April 25 first-quarter earnings of $462 million, or 30 cents a share, down from year-earlier earnings of $748 million, or 47 cents a share.

"Average panel prices for LCD TVs remained flat in 2H May versus the $1.20 or0.6% increase seen in 1H of the month," Bank of America Merrill Lynch analysts wrote in a report Monday. "While flat pricing is better than price declines, 2H May is seeing a slowdown in TV panel prices (which had been increasing since 1H April). In LCD monitor panels, the 20" W size saw an average price increase of $1. Overall for monitors, average price increased $0.20 or 0.3%. Prices for notebook panels and tablet panels remained flat."

Forward Annual Dividend Yield: 2.4%

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Nordstrom

The retailer reported on May 10 first-quarter earnings of $149 million, or 70 cents a share, up from year-earlier earnings of $145 million, or 65 cents a share.

"Nordstrom, Inc. (JWN-NYSE) continues to use its strong financial performance toreinvest in the business," KeyBanc Capital Markets analysts wrote in a May 11 report. "1Q's EPS of $0.70 missed our $0.74 estimate and the $0.75 consensus view. Management was crystal clear on the 4Q11 call that 2012 will be a period of investment; earnings estimates clearly got ahead of themselves as it became apparent that comp performance would remain strong. Interestingly, the Company titled its press release 'Nordstrom First Quarter 2012 Earnings in Line with Company Expectations' a notable departure from the perfunctory 'Nordstrom Reports X Quarter Earnings'. This is a not-so-subtle reminder that earnings growth during this investment year will be more muted, particularly as the Company makes heavy investments in ecommerce. We are modestly tweaking our 2012 EPS estimates, but leaving our $65 price target (implying an 18.9x 2012 P/E, compared to 13.4x P/E for the department store peer group) unchanged. We continue to have a bias toward domestic retailers and believe that Nordstrom will continue to take market share."

Forward Annual Dividend Yield: 2.2%


Harley-Davidson

The motorcycle company reported on April 25 first-quarter earnings of $172 million, or 74 cents a share, up from year-earlier earnings of $119.3 million, or 51 cents a share.

"Reaffirming our Outperform rating as 2013 visibility is enhanced with strong YTD (early May) retail sales," Wells Fargo analysts wrote in a May 8 report. "Our April/early May channel checks indicate U.S. retail sales up low double digits. We estimate ongoing retail strength and restructuring/ERP implementation capacity constraints will prevent Harley from replenishing U.S. channel inventories (estimated ~5,500-7,000 units below desired levels) until the end of 2013. This also provides some downside protection should global economic conditions deteriorate. Clearly, near-term keys will be (1) ongoing solid retail demand, (2) smooth final implementation of restructurings/ERP in 2012 (York) and 2013 (remaining facilities). Likely gradual shifting of model year-end from June to September should enhance long-term sales efficiency and margins. Revising our 2012E/2013E EPS to $2.80/$3.77 (prior $2.81/$3.59) or $2.96/$3.78 ex-restructurings (prior $2.96/$3.60 ex restructurings) reflecting (1) higher retail sales and shipment assumptions, and (2) gross margin estimate adjustments. $58-61 valuation range (prior $54-57) is based on about 14x "normalized" 12.31.12 present value $4.23 EPS. Bottom Line: We would use market weakness to continue building positions in HOG."

Forward Annual Dividend Yield: 1.4%

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Newell Rubbermaid

The consumer and commercial products company reported on April 27 profit of $79.3 million, 27 cents a share, up from year-earlier earnings of $75.7 million, or 25 cents a share.

"We find NWL's value story compelling and see material upside when the marketultimately discounts improvement," Bank of America Merrill Lynch analysts wrote in a report Tuesday. "NWL has delivered EPS commitments, more than doubled the dividend (on its way to a promised 30-35% payout ratio), and in our view, executed the turnaround script well, but to no avail on valuation. A riskoff trade is not helping, but this is proving more of a "show me" than expected, with recent progress garnering little appreciation from the market. While this is a top pick in mid-cap, it seems unlikely a new catalyst would emerge on Thursday."

Forward Annual Dividend Yield: 2.3%


Union Pacific

The rail company reported on April 19 first-quarter earnings of $863 million, or $1.79 a share, up from year-earlier earnings of $639 million, or $1.29 a share.

"Rob Knight, CFO of Union Pacific, expects coal volumes to decline at a mid- tohigh-teens pace in 2Q12, accelerating beyond the company's prior guidance of down low- to mid-teens on its 1Q earnings call (we are at 17%, as we anticipated continued weakness in coal with Nat Gas at sub-$3)," Bank of America Merrill Lynch analysts wrote in a May 18 report. "While UP expects volumes to pick up sequentially in June/July, inventory levels remain high and the industry needs to see an early hot summer for coal to moderate."

Forward Annual Dividend Yield: 2.2%

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-- Written by Alexandra Zendrian

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