Why Charles Schwab Stock Got Socked on Thursday
Charles Schwab (NYSE: SCHW) saw a dip in its share price on Thursday due to events outside the company's control. That's because the top news item for the brokerage was that a major shareholder unloaded some of its Schwab holdings at a discount.
Schwab's stock price sagged in sympathy. By the end of the trading session, the company's shares had lost 0.5% of their value. That compared favorably, but only just, with the S 500 index's 0.8% decline on the day.
Within its fiscal third quarter of fiscal 2024 earnings report, Canada-based Toronto-Dominion Bank (NYSE: TD) divulged that it sold 40.5 million shares of Schwab's common stock. It earned roughly $2.5 billion on the sale, putting the average share price at $61.73. That's notably under the brokerage's most recent closing price of $64.27 per share.
Source Fool.com
