Question: Conlin Containers announces that on June 1, 1998, it will pay a dividend of $3.00 per share on July 15 to all holders on record

Conlin Containers announces that on June 1, 1998, it will pay a dividend of $3.00 per share on July 15 to all holders on record as of June 30. The firm's stock price is currently at $50 per share. Assume that all investors are in the 28% tax bracket. Given that the ex-dividend date is June 26, what should happen to Collin’s stock price on June 26?

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