Charles Schwab Stock Drops 3% As TD Bank Announces Share Sale

(RTTNews) - The Charles Schwab Corporation (SCHW) is down by 3.22 percent during Monday's trading, falling $2.68 to $80.50. The decline comes after TD Bank announced plans to sell its entire equity investment in Schwab through a registered offering and share repurchase.

SCHW is currently trading at $80.83, down from the previous close of $83.18. The stock has fluctuated today, reaching a high of $81.75 and a low of $80.28. Trading volume stands at 7.11 million shares, near the average volume of 7.99 million.

The stock remains within its 52-week range of $61.01 to $84.04, though cautious following TD's divestment.

Despite the sale, TD will maintain a business relationship with Schwab through the Insured Deposit Account Agreement.