Why Cracker Barrel Stock Dropped Like a Rock Today
Cracker Barrel(CBRL) fool.com·2024-05-18 01:27
This dividend payer is drastically reducing its payments because it needs money to fix its business.Shares of restaurant chain Cracker Barrel Old Country Store (CBRL -12.24%) dropped like a rock on Friday after the company provided a business update and slashed its dividend. As of noon ET today, Cracker Barrel stock was down a disheartening 13% and now trades at its lowest price in 12 years.Bad news for dividend investorsOn the surface, it would seem like business is fine for Cracker Barrel. After all, its ...