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XD means ex-dividend or without the dividend. The ex-dividend (XD) date is also called the ex-date. An investor must own a security by the record date set by the company in order to be entitled to receive the dividend it will pay. The XD date is the first day that a buyer can purchase a security and not be entitled to receive the dividend. A stock is said to go XD on the day the XD period begins. Once the company sets the date of record, the stock exchanges or the NASD fix the XD date. The XD date for stocks is normally set as the record date minus two business days. An investor purchasing a stock on or after its XD date will not receive the next dividend. Instead, the seller gets the dividend. If a buyer purchases before the XD date, the buyer will receive the dividend.
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