A portfolio is composed of two stocks, A and B. The market has a 60% probability of a good state and a 40% probability of a bad state. In the good state, Stock A will return 12% and Stock B will return 8%. In the bad state, Stock A will return -2% and stock B will return 3%. What is the covariance between the two returns?

Please report your answer to 5 decimal places (1.2345)