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Shopping center company's shares log a big decrease

Stock trader

Stock trader Photo Credit: Bloomberg News

Shares of Cedar Shopping Centers Inc. on Wednesday were among the ten stocks with the highest percentage daily decrease on the New York Stock Exchange.

Cedar fell 4.4 percent to $5.22. The Port Washington real estate investment trust specializes in supermarket-anchored shopping centers.

The share price drop came on the same day as Cedar's announcement that it was raising $67.1 million in capital through an offering of 2.85 million shares of 8 7/8% Series A Cumulative Redeemable Preferred Stock, pursuant to a shelf registration, at $24.50 per share.

Also this week, Cedar agreed to buy five — and possibly two more — out-of-state shopping centers as part of a joint purchase plan with a Canadian partner. The deal is worth at least $134 million. The shopping centers, mostly anchored by large grocery stores, are in Pennsylvania, New Jersey and Virginia.

Above left, a trader on the floor of the New York Stock Exchange this week.

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