Why Big 5 Sporting Goods Is Down More Than 11% Today

Shares of retailer Big 5 Sporting Goods (NASDAQ: BGFV) are down by 11.4% as of midsession Tuesday. The sell-off was triggered by plans for a special dividend payment, though the size of today's tumble is rooted in much bigger factors.

Today is the ex-dividend date for the special dividend Big 5 Sporting Goods announced early this month. In addition to its regularly quarterly dividend of $0.25 per share, the company is also issuing a one-time special dividend of $1 per share to investors that own the stock as of today. The ex-dividend date is the day an adjustment of the stock's price is made to reflect the value dividend payment that's already been earmarked for today's owners.

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Source Fool.com