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June 3, 2021, 8:56 a.m. EDT

Express stock reverses sharply lower after large 'at-the-money' stock sale plan

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By Tomi Kilgore

Shares of Express Inc. /zigman2/quotes/210459169/composite EXPR -2.68% took a dive in premarket trading, to tumble 18.7% after being up as much as 22.0% earlier, after the apparel retailer announced plans to sell up to 15 million shares. The "at-the-market" offering, which could represent 22.6% of the shares outstanding, comes after the stock shot up 36.5% on Wednesday, and rocketed 113.4% over the past month, as part of the trading frenzy surrounding meme stocks. Earlier, Express's stock had rallied after the company reported better-than-expected fiscal first-quarter results, saying it saw an "inflection point" in sales after Easter. The stock has soared 155.3% over the past three months through Wednesday, while the SPDR S&P Retail ETF /zigman2/quotes/206947004/composite XRT -0.22% has advanced 17.5% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.08% has gained 10.2%.

/zigman2/quotes/210459169/composite
US : U.S.: NYSE
$ 5.09
-0.14 -2.68%
Volume: 3.30M
Sept. 21, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$350.29 million
Rev. per Employee
$120,837
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/zigman2/quotes/206947004/composite
US : U.S.: NYSE Arca
$ 92.35
-0.20 -0.22%
Volume: 1.42M
Sept. 21, 2021 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,354.19
-3.54 -0.08%
Volume: 1.91B
Sept. 21, 2021 5:12p
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