Why United Airlines Stock Is Down Today
Shares of United Airlines Holdings (NASDAQ: UAL) traded down more than 5% on Thursday after the airline said its board has authorized it to sell more shares. It's not yet clear whether the sales will be sold, but on a down day for markets investors didn't need much of an excuse to sell.
In a regulatory filing, United said its board has authorized it to issue up to 37 million shares "at the market." An at-the-market offering gives United and the banks it is working with a lot more flexibility over how many shares are sold and at what price, as opposed to a formalized secondary offering in which the company would sell a predetermined number of shares at a fixed price.
Image source: United Airlines.
Source Fool.com
