Last week, however, three corporate goliaths bucked the buyback trend. The trio: Microsoft (ticker: MSFT), Hewlett-Packard (HPQ) and Nike (NKE). Microsoft's $40 billion, five-year repurchase program is the single biggest of 2008 to date. The company has completed a previous $40 billion buyback. Microsoft made an additional investor-pleasing move: It hiked its quarterly common dividend by 18%, to 13 cents a share from 11 cents. The company declared its first-ever dividend in January 2003 at the post-split rate of 8 cents a share, so enhancements have been modest -- although in December 2004, it disbursed a $3-a-share special dividend worth $32 billion. The new quarterly is payable Dec. 11 to holders of record Nov. 20. Ex-date: Nov. 18.

As for Hewlett-Packard, the world's largest personal-computer manufacturer, it has authorized another $8 billion buyback, following two similarly sized ones last year, while Nike, the world's top maker of athletic footwear, plans to spend $5 billion more on reacquiring its shares once it puts the lid on its current $3 billion program.

THE STORY WAS JUST the opposite at General Electric (GE). Thursday, GE halted its $15 billion buyback and said it would probably not increase its dividend for the first time since the 1970s. GE has been making payouts since 1899. While its industrial operations are performing well (jet engines, electricity-producing gas turbines, to name just two), its finance unit, which makes loans to mid-size companies and investments in commercial real estate, is not. The Dow industrials stock is trading near its 52-week low of 22.16, set Sept. 16, and yields 5%.

Lockheed voted a 36% boost, to 57 cents a share from 42 cents. The world's largest military-weapons maker -- it's also a significant supplier to NASA -- has been paying dividends since 1995. After being halved in January 2000, disbursements resumed their ascent three years later, and this is the seventh hike since then. Yield: 2.04%.

McDonald's (MCD), which has been outperforming most of its restaurant-industry rivals, declared a meatier quarterly of 50 cents a share, up 33% from 37.5 cents, for a 3.20% yield. The company has grown its dividend each year since its first payout in 1976.

Campbell Soup voted a 14% payout increase, to 25 cents a share from 22 cents, giving it a 2.67% yield. Uninterrupted dividends date back to 1902, and this is the fifth consecutive annual boost.

Campbell Soup voted a 14% payout increase, to 25 cents a share from 22 cents, giving it a 2.67% yield. Uninterrupted dividends date back to 1902, and this is the fifth consecutive annual boost.