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CVR Energy, Inc. Message Board

  • patkazoo patkazoo Feb 1, 2013 10:19 AM Flag

    Need some help explaining today's drop

    I don't understand today's 8% drop. From everything I read, the special dividend is based on February 5 holding, not February 1. Why the hit today? Thanks for patient and helpful answers.

    Sentiment: Hold

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    • kevlar gave the right answer. Going forward forget about, "date of record" it means nothing. The ex div date is just that, the date the stock trades ex the dividend. Date of record is left over from yesteryear when everything was done manually and they needed three days to reconcile the trades. The rule is 72 hours not counting week ends and holidays.

    • Patkazoo I hope this helps...CVI ex dividend day was this morning. SEC rules require that you must allow 3 days between purchase and completion of purchase to take effect. So as of this morning the $5.50 divend is subtracted from the price. Now to get the Divy you had to have purchased shares before 12:00 Midnight 2/1/2013. Its all good...This company prints money plus another 75 cents coming to you again in a month based on the regular Divy. But that is why the stock is off. Better way to look at it like me I have $15,000 cash in the mail in 2 weeks...just hang in Icahn a god....Best Of Luck

      Sentiment: Buy

19.77+0.27(+1.38%)May 27 4:02 PMEDT