Because of panic selling by "after hours" traders who aren't sophisticated enough to understand what is going on. The secondary offering is an offering of ALREADY EXISTING SHARES. No new shares are being issued. Existing shareholders (in this case KKR, the private equity group who took DG private in 2007) are further reducing their stake in the company. Not uncommon for private equity, as secondary offerings are their exit strategy. All of these knee-jerk commenters on the board need to take a look at the historical trends since 2009 when KKR first took Dollar General private again - no less than 4 or 5 secondary offerings, and in that 2 1/2 year period, the stock has gone from $21 a share to $49. Obviously not hurting the stock.