GSIC Follows Secondary Lower (GSIC)

Posted in pre-market 
August 13th, 2009

GSI Commerce Inc. (NASDAQ: GSIC) is down almost 5% at $17.17 at 8:41 AM EST and we have already more than doubled the average volume for a full day with over 800,000 shares trading hands.  This is on the pricing of a secondary offering at $17.00. The company doubled its part of the offering to 3.66 million by the company and the holders (SOFTBANK and affiliates) are selling 8.18+ million shares of common stock.  The discount and the notion that this was so close to 52-week highs and insider selling is adding pressure to this one. Average volume here is only about 360,000 shares.  -JON OGG

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