Wednesday's Late Winners & Losers
There was even less activity amongst traders after the closing bell rang Wednesday, than there was in the regular session. The significant mover was Sallie Mae (SLM).
The Reston, Va., student lender dropped more than 6% after setting plans for a $2.5 billion stock offering, consisting of $1.5 billion in common shares and $1 billion in mandatory convertible preferred shares.
$2 billion of the proceeds are planned for buying back around 44 million shares under an outstanding equity forward-purchase contract. Any remaining capital will go to general corporate purposes. Shares were sliding $1.38 to $20.75 in recent after-hours trading.
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