For Investors Only -- What A Strange Day For The Market; Apple To Become A Top Dividend Payer

First, there was the 140-point swing over the course of a couple of minutes due to a hacked AP tweet. I just checked again: AP remains suspended from Twitter. Wow. Talk about harsh. Smile.

Second, ATT hits a new 52-week high -- despite disappointing revenue numbers due to losing cellphone subscribers. Not good. Reuters is reporting:

AT&T Inc reported a net loss of cellphone subscribers in the first quarter as it lost market share to bigger rival Verizon Wireless, sending its shares down about 2 percent. [after-hours]

As a result AT&T's revenue missed Wall Street expectations as its subscriber growth was driven by tablet computer users who pay lower monthly fees than phone users.

From the WSJ:

For the latest quarter, AT&T reported a profit of $3.7 billion, or 67 cents a share, compared with $3.58 billion, or 60 cents a share, a year earlier. Adjusted for an income-tax settlement in the latest quarter and other items, per-share earnings increased to 64 cents from 59 cents a year ago. 

But this really caught my attention, being reported at The Street: Apple will increase its dividend, and Apple will be the highest non-financial dividend payer in 2013:

The company's annual dividend payments will be about $11 billion as a result of a 15% increase to its payout, topping Dow stalwarts such as ExxonMobil and AT&T, according to a Tuesday analysis from Moody's.

"Apple, at $11.1 billion, will be the largest US non-financial dividend payer in 2013, ahead of Exxon and AT&T," Richard Lane, a Moody's senior vice president, wrote in a report issued Tuesday.

Overall, Moody's expects U.S. tech companies it rates to increase payouts 35% to $44.4 billion in 2013. Apple will drive about 25% of increased dividend payouts across the tech sector, according to Moody's. Excluding Apple, the firm expects dividends to grow 20%, to $33 billion.

While Lane sees the prospect of rising dividends because of the healthy balance sheets across much of the tech sector, he expects cash stockpiles held abroad to limit payouts this year.

To pay its increased dividend and fund a $50 billion increase in its share repurchase authorization to $60 billion, Apple said in a Securities and Exchange Commission filing it will borrow money.

A strange day indeed.