1143 ET - Rocket's all-stock acquisition of Redfin follows a tough six months for the online real-estate website's stock. Redfin shares closed at a 52-week high of $14.45 in mid-September and then fell almost 60% through last Friday, closing at $5.82. The company reported a wider loss in 3Q and 4Q than analysts had been expecting, and missed on revenue projections in 3Q as well, according to FactSet. The company has been spending more on marketing as it competes for share, and uncertainty in the housing market has weighed on its performance. Rocket's deal values Redfin at $12.50 a share. That's still well off a high of more than $96 from February 2021, but the market seems to have some confidence in the acquisition. Redfin jumps 73% at $10.12. (dean.seal@wsj.com)
(END) Dow Jones Newswires
March 10, 2025 11:43 ET (15:43 GMT)
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