Why Albertsons Stock Tumbled Today
Shares of Albertsons Companies (NYSE: ACI) were taking a dive today after the cutoff to get a special dividend passed last night.
As a result, the price for its shares fell 24%, though that doesn't reflect any fundamental change in the business.
Last week, Albertsons declared a special dividend of $6.85 a share in connection with its merger agreement with Kroger (NYSE: KR), setting a record date of Oct. 24. That means the ex-dividend date is today, so only shareholders who held the stock yesterday will receive the dividend.
Source Fool.com
