Morgan Stanley reported that it was comfortable with it capital position, the results of its stress tests, and that it would dedicate its capital expenditures to capitalize its internal units, while PNC announced it would raise its common stock dividend.

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Other defensive measures, such as converting non-voting shares into common stock, and paying a special dividend, also look reassuringly shareholder-friendly.

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Cendant (nyse: CD - news - people ) was up 1.5%, after the company set a dividend on it common stock for 2004, and Waste Management (nyse: WMI - news - people ) said it was cutting 880 white collar jobs from its workforce, in a move to scale down expenses.

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But the Treasury got a 5% dividend from the banks in return, plus warrants on their common stock that could be sold later at a profit.

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