Minutes after I wrote the last blog entry came the news that Pfizer is indeed raising its dividend -- 21% or a nickel in the first quarter of next year. The news is not a huge surprise -- the move had been widely speculated upon after Pfizer shares plunged on the loss of torcetrapib a couple of weeks ago.
The company is also giving the new CEO Jeff Kindler an early Christmas present -- naming him Chairman effective tomorrow. Former CEO Hank McKinnell was supposed to remain Chairman through next February, but now he will simply remain a Director through that time. The shares popped after the announcement came out at 4:30 p.m. ET.
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