Jardine Cycle & Carriage is trading at SGD 27.03, 7.75% down, amid ex-dividend trading. - On October 7, Macquarie downgraded the stock to underperform from neutral, cutting its target 10% to S$23.50 from S$26. - Shares went ex-dividend on October 8; the special distribution includes US$0.37 cash per share and Toyota shares. - The Business Times said the broker saw the ex-date as a reversal catalyst after dividend-related buying ahead of the distribution; reporting points to company-specific, not broad-market, factors.