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Vulcan Materials Drops on Bevy of Bad News
Investors sold off shares of Vulcan Materials(VMC Quote) Thursday after the cement and asphalt maker issued a statement that nearly cornered the market on the kinds of bad news a company can release at any one time.
First, it said it plans to sell 11.5 million new shares to the public, adding to the company's shares outstanding by about 10%, in order to pay down debt.
Second, it cut back its quarterly dividend by nearly half -- to 25 cents a share from 49 cents. ...
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