That's a departure from the policy of the company for the seven years that I have been following this company. Over that time frame, the date of record was on a Friday WITHOUT EXCEPTION which made the ex-dividend date a Wednesday.
I'm rather surprised at the change in the day of the week for the ex-date and also surprised that they waited this long before declaring the dividend.
At any rate, we now know that there are five sessions to go before the ex-date. There were six sessions remaining yesterday when the low point was seen and that's just what would be expected. It looks like perhaps some folks got wind of the ex-dividend date and acted accordingly as there is indeed a predictable rally going into the pre-dividend week.
I expect tha bacchanal to continue tomorrow as the JFM's will now start entering the fray in earnest.
Pfizer was up by 29 cents today - from $17.28 to $17.57. A 1.7% move is pretty nice when on balance the market was flat.
Over the last six years, the average pre-dividend rally has been 2.8 times the amount of the quarterly dividend which in this case would be 50 cents a share. Already we have seen 29 cents of that expected 50 or so.