Generac Holdings Jumps After Withdrawing Secondary Offering
Shares of Generac Holdings (NYSE: GNRC) jumped on Tuesday. The company said that its biggest shareholder and members of the board along with senior management have withdrawn plans for a secondary share offering due to market conditions.
Heading into the final hour of trade, Generac was up around 6 percent on more than triple the average daily volume. On Monday, shares fell on the announcement of the share offering. Even after Tuesday's gains, it has not gotten back to where it closed last Friday, prior to the announcement.
Generac Holdings Inc. (Generac) is a designer and manufacturer of a range of generators and other engine powered products for the residential, light commercial, industrial and construction markets. The stock has traded in a 52-week range between $18.35 and $39.18. Year-to-date, shares have climbed better than 21 percent with most of the gains coming over the last month when the stock added almost 20 percent.
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