MANU - Why Manchester United Stock Is Falling Today
Shares of soccer club Manchester United (NYSE: MANU) are falling today, down by 8.9% as of 9:55 a.m. EST. The slump comes in the wake of news that one of the publicly traded sports team's investors, the "Avram Glazer Irrevocable Exempt Trust," wants to sell 5 million of the shares it owns in a secondary offering.
So why is that " bad news "? A couple of reasons suggest themselves.
First and foremost, 5 million shares is more than 3% of all the shares Manchester United currently has outstanding. The sale of a big slug of shares like this is likely to depress the stock price as offers to sell Manchester United shares outweigh offers to buy, driving the price down.
For further details see:
Why Manchester United Stock Is Falling Today