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Blue Buffalo (BUFF) Stock Lower on Secondary Offering

NEW YORK (TheStreet) -- Shares of Blue Buffalo Pet Products (BUFF) were falling 7.06% to $24.25 on heavy trading volume late Tuesday morning after announcing that certain shareholders will propose a secondary offering of 14.3 million shares of Blue Buffalo common stock.

Blue Buffalo itself is not offering any shares, and will not receive any proceeds from the sale, according to a company statement.

The transaction is expected to close on Friday.

The markets may be unpredictable, but...