Why Tanger Factory Outlet Centers Fell 12.5% at the Open Today
Shares of outlet-focused real estate investment trust (REIT) Tanger Factory Outlet Centers (NYSE: SKT) dropped as much as 12.5% within the first half hour of trading on April 30. That loss had been pared to the mid-single digits by lunchtime, but it was still a change from recent days when Tanger and its enclosed mall peers were steadily rising.
Tanger recently announced that it was extending the contract of its current CEO Steven Tanger, who plans to step down from the position at the end of this year. Tanger, a highly respected figure in the retail space, will remain with the company as executive chair until the end of 2023. This, however, isn't the type of news that pushes a stock price down 12.5%.
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Source Fool.com
