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
, 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.