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Why Pitney Bowes Stock Dropped 8% Monday

TheMotleyFool

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Why Pitney Bowes Stock Dropped 8% MondayPhoto, wide shot, wide-angle lens, Software company, sunset photo at golden hour, photo by Peter Lik: https://img.midjourneyapi.xyz/temp/da273d82-9e59-413a-99b3-2b0094ff0854.png

In a surprise double-header announcement, postal services company Pitney Bowes (NYSE: PBI) issued a press release today stating that it has signed a definitive agreement to sell its software solutions business to big-data company Syncsort for $700 million.

In conjunction with this development, Pitney Bowes updated its guidance for this fiscal year, saying firmwide sales will now grow only 1% to 2%, with adjusted earnings per share of $0.65 to $0.75.

The stock first jumped nearly 20% on the news of the sale, then reversed course to close the day down 8.3%.

Source Fool.com

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