O’Garro Inc. has paid a regular quarterly cash dividend of $0.60 per share for several years. The common stock is publicly traded. On February 27 of the current year, O’Garro’s board of directors declared the regular first-quarter dividend of $0.60 per share payable on March 24 to stockholders of record on March 12.

Required:
As a result of this dividend action, state what you would expect to happen to the market price of the common stock of O’Garro Inc. on each of the following dates. Explain your answers.
a. February 27
b. March 10
c. March 12
d. March 24