Shares of Capital One (COF) edged lower after the banking company disclosed plans to sell $1.25 billion worth of stock in a secondary offering.
The company said it plans to use the proceeds of the sale to fund part of its purchase of HSBC's U.S. credit card business, a deal that received regulatory approval late last week.
Capital One's stock was last quoted at $51.80, down 1%, on volume of more than 770,000, according to Nasdaq.com. Based on Wednesday's regular-session close at $52.33, the shares are up nearly 16% in 2012 but only 1.5% in the past year.Check out TheStreet's quote page for Capital One for year-to-date share performance, analyst ratings, earnings estimates and much more. Also active in late trades was Yahoo! (YHOO), whose shares rose a nickel to $14.68 on volume of more than 300,000 after hedge fund manager Daniel Loeb revealed in a regulatory filing that he's prepping for a proxy battle with the company's board; and Vera Bradley (VRA), whose stock fell 6% to $34.92 on volume of more than 240,000 after the maker of handbags and other accessories forecast earnings of 27 to 29 cents a share on revenue of $115 million to $117 million, below Wall Street's view for earnings of 32 cents a share on revenue of $117 million. -- Written by Michael Baron in New York.
>To contact the writer of this article, click here: Michael Baron.
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