Top News Of the Day – W.W. Grainger, Coventry Health Care, Visteon Corporation

Posted by on Mar 12, 2012

Top News Of the Day – W.W. Grainger, Coventry Health Care, Visteon Corporation

W.W. Grainger, Inc.(NYSE:GWW) shares continued to hit record high on Monday after the company said that February sales grew at the fastest rate in at least a year thanks to stronger demand in its heavy manufacturing and retail business in the United States.

W.W. Grainger reported that its February daily sales increased 18 percent from February 2011 supported by higher volumes and pricing.

The company also said that excluding acquisitions, the organic sales grew 13% during the month.

Shares of GWW climbed $2.22 or 1.05% to $213.99 after hitting new life time high of $214.69 earlier in the session. The stock has surged over 14% so far this year and about 57% over the past one month.

Coventry Health Care, Inc. (NYSE:CVH) shares came off session high and turned lower in the mid day session despite the company said that it will initiate paying its shareholders a quarterly dividend, the first in the history of the managed-care company.

An initial quarterly cash dividend of $0.125 per common share will be paid on April 9, 2012 to all shareholders of record as of the close of business on March 23, 2012. Future declarations of quarterly dividends will be subject to the approval of Coventry’s Board of Directors.

Shares of CVH are down 0.50% at $32.99 after rising about 0.50% earlier in the session.

Visteon Corporation (NYSE:VC) shares are also showing unusual volatility after the company announced that it has agreed to divest its automotive lighting business to Varroc Group, a global provider of automotive parts, for $92 million in cash.

Shares of Visteon Corporation are now trading lower by 35 cents or 0.66% after surging about 2% earlier in the session.

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