Mastercard Lower Over Concerns Of Pricing For Share Offering
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Matercard Inc (NYSE: MA) shares were trading lower by $1.30 at $87.54 in Wednesday's session. The catalyst for the decline may be concerns over the pricing of an unconfirmed upcoming 12.7 million share offering. The offering was reported Wednesday morning by Bloomberg News and several other outlets on Tuesday afternoon.
After making its all-time high, it shed nearly $4.00 going into today's session, which may be attributed to the weakness in the broad market.
The immediate reaction was a spike down to $86.57 during the after-hours session. It managed to rebound to $88.04 shortly after the open. However, the decline resumed until it found support ahead of the pre-market low, only reaching $96.85 before rebounding into the mid $87.00 handle.
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