Why United Airlines Stock Is Down Today

Shares of United Airlines Holdings (NASDAQ: UAL) traded down more than 5% on Thursday after the airline said its board has authorized it to sell more shares. In a regulatory filing, United said its board has authorized it to issue up to 37 million shares "at the market." An at-the-market offering gives United and the banks it is working with a lot more flexibility over how many shares are sold and at what price, as opposed to a formalized secondary offering in which the company would sell a predetermined number of shares at a fixed price.