After the closing bell Monday, the Board of Directors of Alcoa (AA) announced a quarterly stock dividend of three cents per share payable Feb. 25 to shareholders of record at the close of business on Feb. 5.

The company also announced a quarterly dividend of 93.75 cents per share on its $3.75 cumulative preferred stock, which will be paid on April 1 to shareholders of record at the close of business on March 12.

Its sights set on the United States and Asia, South Korea's $30 billion sovereign wealth fund is hunting for equities. Korea Investment Corp. (KIC) doesn't see bonds outperforming stocks over the long term, which is what has prompted the move.

Once the reallocation is executed, equities will account for half of KIC's "traditional" investments. Today, it stands at 40%. High quality equities and fixed income securities comprise 90% of KIC's portfolio, with the rest, one would gather, consisting of "non-traditional" investments.

Gap Inc. (NYSE: GPS) volatility Elevated into new CEO. GPS, the San Francisco based parent company of 3,200 Gap, Old Navy, and Banana Republic stores, appointed Glenn Murphy, 45, to serve as GPS's Chairman and CEO and as a member of the Board of Directors. Smith Barney upgraded GPS to Buy. SBSH says: "The new CEO can positively impact customer focus and in-store experience." GPS over all option implied volatility of 31 is above its 26-week average of 29 according to Track Data, suggesting larger price fluctuations.

Target Corp. (NYSE: TGT) volatility increases; TGT sells off after Ackman announces position. TGT closed at $62.10. William Ackman's Pershing Square owns a 9.6% position in TGT. Robert Ulrich, TGT's Chairman of the Board, filed to sell one million shares of TGT on 7/12 through SEC form 144. TGT August option implied volatility of 35 is above its 26-week average of 24 according to Track Data, suggesting larger price risks.

GlaxoSmithKline (NYSE: GSK) volatility Elevated into 7/30 FDA meeting on Avandia. GSK closed at $49.63. A FDA advisory committee meeting on 7/30/07 will review GSK's diabetes drug Avandia. The New England Journal of Medicine carried a story on 5/21 saying, Avandia "significantly increases" the risk of heart attack. Cowen says: "It is difficult to envision what GSK could present that would significantly alter FDA and prescriber sentiment." GSK August option implied volatility of 30 is above its 26-week average of 20 according to Track Data, suggesting larger risk.

General Motors Corp. (NYSE: GM) volatility Elevated on tighter credit and into 7/31 EPS. GM closed at $31.10. GM will report EPS on July 31st. GM August over all option implied volatility of 53 is above its 26-week average of 37 according to Track Data, suggesting larger risk.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

The Pension Benefit Guaranty Corp. (PBGC) reported this week that roughly $133 million in retirement benefits hasn't been claimed by Americans entitled to the funds. In fact, about 32,000 people are owed money, ranging from $1.00 to $611,028 for the individual cases, with an average amount owed of $4,950.

The states with the most missing pension payments are New York, accounting for $37.49 million in unclaimed benefits to 6,885 people; California, with $7.38 million owed to 3,081 residents; and New Jersey, with $12.05 million in owed benefits to 2,209 people. Other states at the top of the list include Texas, Pennsylvania, Illinois and Florida.

To prevent such oversights, the PBGC advises workers to inform past employers of any moves or name changes and suggests keeping track of any pension information received from past or current employers.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.