What happened to the Fidelity Magellan Fund last week?

A steep decline in share price was posted Friday.

They last posted a dividend and cap gains distribution on Dec 2, 2005. It has been 6 months and I think they had another distribution, which lowers the sales price.

EDIT:
I confirmed on their website that distributions of dividends and capital gains do occur in May and Dec. If you have your distributions reinvested then it should be a wash for you. If you have your distributions paid out, then you have the same number of shares at the lower price.

The distribution lowers the price but increases the number of shares each investor has. The result is basically a wash.

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