Mastercard Lower Over Concerns Of Pricing For Share Offering

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 a potential upcoming 12.7 million share offering. The news of a share offering was reported Wednesday morning by Bloomberg News and several other outlets on Tuesday afternoon. The offering is coming five days removed from the issue posting its all-time closing high March 5 at $92.81. 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 to the news 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.