SALM ex-dividend on 8/16 (5%, special)
Salem Communications will pay a special dividend of $0.420 on Aug 23rd to holders as of Thursday, August 16. That’s 5.4% of the share price of $7.74. Camarillo-based Salem is an internet content provider and magazine publisher offering Christian and family-themed content and conservative values. Salem paid its first dividend ever last year, and now bless us with a (relatively) fatter one, in spite of falling profit and flat sales.
The special dividend has cut the downward momentum on the stock, so I wound not play it long (plus no option for SALM). I’d focus on the cool down and short it right before exdiv.