Day two of losses for Re/Max after share sale

• Launched after the close on Monday, the Re/Max (RMAX -1.4%) secondary offering was for 4.5M shares by controlling stockholder RIHI. The underwriter greenshoe is for another 675K shares. Re/Max won't receive any of the proceeds from the sale.
• Source: Press Release
• A $42 stock ahead of the offering, RMAX is down to $37.83 currently.
• In other news, JMP pulls its Market Underperform rating and upgrades to Market Perform.