Dec 4 Shares of Gap Inc were down 9
percent Tuesday after the retailer confirmed there has been no
change to its dividend payment policy.
The company has not paid a special dividend before, and
sticks to share buybacks and regular dividend payments. Last
month, it announced a quarterly dividend of 12.5 cents per share
payable on or after January 30 to shareholders of record at the
close of business on January 2.
Shares of Gap started falling earlier in the day amid market
rumors that the company would not pay a special dividend as some
believed it would. Gap shares were trading at $31.33 Tuesday
afternoon on the New York Stock Exchange, after closing at
$34.51 on Monday.