A secondary offering, even a non-diluting one like this, can tank a stock. Just look at KORS every time the founder announced that he was selling more. But I don't think I fully understand secondary offerings. Did Goldman actually BUY the shares from this seller at 105? That would suggest that although the seller may want out (and the reason may have nothing to do with a negative outlook on this company), Goldman is confident of a future share price well in excess of 105. And although KORS has surpassed its latest secondary offering price, it initially tanked from 65 to 50ish, well below the 62 secondary offering price. Along with the news that 2.75 million shares will appear on the sell side we learned about the $300 million Brazilian acquistions, which SHOULD lead to more growth but will initially lead to more debt. I guess I wasn't expecting it to crash, but I sure wasn't expecting it to soar to a new high either. Of course the day is young!