Wachovia Stocks Drop By $3.01
April 14, 2008
With the rockiness of the stock market and the economy, Wachovia shares dropped during premarket.
This was in response to the bank stating that they would like to put at least seven billion of its stock up for sale. This is a consequence of reduced revenue after its first quarter, and having a lower dividend than the original.
By reducing stock amount, Wachovia will keep at least two billion dollars in savings. Wachovia is now trading at $24.80 after a drop of at ten point eight percent.