PDL Biopharma stock falls today almost 19%

Not a good day for PDL BioPharma (PDLI).
The stock is falling today to $2.87 although it rebounds now to $3.01 as the company announced yesterday lower than estimates revenue for second quarter,plus the board of directors decided to eliminate its quarterly cash dividend.
Source : Thestreet.com
PDLI stock , source Finviz.

Stock market is often unpredictable.
Especially when it comes to earnings.The stock had a nice dividend yield of 5.75% until yesterday.We think that selling pressure is due to the elimination of the dividend as a major fact.

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