Soaring Zillow Stock Gets Zinged

A big deal and secondary offering sent investors fleeing

   

It’s been a busy day for Zillow (Z) so far. To start, the company announced a deal to buy StreetEasy, an online real-estate site focused on the New York market. On top of that, the company also made a filing for a secondary offering of around 5 million.

Wall Street is not too thrilled with the news, though. Zillow stock is off almost 6% to under $87, which may be a sign that it is getting a bit toppy.