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Pair Trade of the Day
Long WY, Short SPY
On Monday, July 12th, Weyerhaeuser Company (NYSE:WY) announced that their board of directors declared a special dividend of $5.6 billion. This marks a major milestone in the company’s plan to convert to a real estate investment trust (REIT) by distributing its earnings and profits to shareholders.
“Today’s announcement represents the final major step in executing our plan to convert to a REIT,” said Dan Fulton, president and chief executive officer. “The REIT structure best supports our strategic direction and positions Weyerhaeuser for future growth. The tax efficiency of the REIT structure also will enable us to increase our timberland earnings and make higher distributions to our shareholders.” Click to view this pair.
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