Viavi Stock Drops After $500 Million Share Sale Plan — The Debt Move Investors Can’t Ignore
Viavi Solutions Inc. shares fell in late trading Tuesday after the network-test and optical technology company said it planned to sell about $500 million of common stock, a deal aimed mainly at paying down debt but likely to add new shares to the market. Viavi announced the offering at 4:05 p.m. ET, just after the regular Nasdaq session ended. The timing mattered. Google Finance showed Viavi at $45.79 in after-hours trading, down 7.1%, after the stock closed the regular session at $49.28, off 0.9%. After-hours trading is the lower-volume session after the 4 p.m. market close, where prices can move sharply on fresh company news.