Sunoco Shares Plunged Then Rose: What You Need to Know
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Sunoco (NYS: SUN) are trading 12% lower than at yesterday's close, after the company completed a spin-off to shareholders today.
So what: The stock's price may have been a surprise if you didn't see the spin-off coming, but don't fear: Your portfolio is actually up on the day. Sunoco gave shareholders 0.53046456 shares of SunCoke (NYS: SXC) for each Sunoco share they owned.
Now what: The move has been pretty much a wash so far, with Sunoco trading higher later in the day and SunCoke trading lower. Now is the time to consider whether you want to keep one or both of these shares now that Sunoco has fully spun off its stake in the company. Other than that, I see no reason to get too excited about today's move.
Interested in more info on Sunoco? Add it to your watchlist byclicking here.
At the time this article was published Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.