BlackRock Down Sharply On Stake Sale (BLK)

BlackRock, Inc. BLK is down sharply in early Wednesday trading, losing more than 3% on news that PNC Financial PNC is selling its stake in the company. Bank of America BAC is also selling its stake in the company. Between the two companies, 42 million shares are coming to market. Bank of America is offering 34.5 million shares and PNC is offering 7.5 million shares. Bank of America also expects to give its underwriters a 30-day option to buy up 6.3 million more shares to cover any over-allotments.