Shutterfly Jumps 12% Pre-Market On Rumored Sale

Shutterfly Inc.

shares jumped 12 percent in pre-market action Tuesday, on rumors the company may seek a buyer for itself. With a current market capitalization of $1.68 billion, the company sells personalized greeting cards and similar products through its web-based catalog. Rumors were circulating that Shutterfly will announce that in seeking a buyer, it hired hired Qatalyst as a financial advisor. Revenue plunged nearly 200 percent in Shutterfly's most recent quarter, when it swung to a net loss of 89 cents a share, versus year-earlier profits of 93 cents. Shutterfly changed hands recently at $48.87, up 12.32%, but still substantially below its 52-week high of $59.93.