Why Altaba's Stock (Kind of) Crashed Today
Shares of Altaba (NASDAQ: AABA) were trading at $19.58 as of 11 a.m. EDT Tuesday morning. That's 72.3% below Monday's closing price. But the drop includes a massive dividend payout as the financial asset manager prepares to dissolve. On a dividend-adjusted basis, Altaba's shares are actually trading 1.5% higher today.
As announced three weeks ago, Altaba paid out a dividend of $51.50 per share after the closing bell last night. The investment management fund formerly known as Yahoo!, whose largest holding was a 15% stake in Chinese e-commerce giant Alibaba (NYSE: BABA), is winding down its operations in order to dissolve on Oct. 4.
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Source Fool.com
