Enova Drops Over 25% After Withdrawing Grasshopper Bancorp Deal Applications
Updated
Updated · CNBC · Sep 15
Enova Drops Over 25% After Withdrawing Grasshopper Bancorp Deal Applications
3 articles · Updated · CNBC · Sep 15
Summary
Enova International sank more than 25% after it withdrew regulatory applications tied to its proposed acquisition of Grasshopper Bancorp.
The online lender kept its third-quarter and full-year guidance intact and said it plans to accelerate share repurchases, signaling the selloff was driven by the abandoned deal rather than a cut to operating outlook.
The move stood out in a mixed midday market: Skyworks rose 10% and Qorvo 7%, while Dave & Buster's fell 17% on weak quarterly results and Alignment Healthcare dropped 18% after citing care-cost headwinds.
Enova's reversal leaves investors focused on its standalone growth and capital return strategy instead of a bank acquisition that had required regulatory approval.