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Why Did Vector Group Stock Lose a Third of Its Value Today?

If you haven’t been paying close attention to Vector Group (NYSE: VGR) stock lately, you might have woken up to a shock today. At a share price of $11.27 as of 10:45 a.m. EDT Thursday, Vector’s stock seems to have lost a third of its value overnight, after closing at $17.16 Wednesday evening. Instead, what happened is that after close of trading yesterday, Vector completed the spinoff of Douglas Elliman Realty (NYSE: DOUG), its New York-based commercial real estate brokerage, effectively dividing itself into two stand-alone companies.