Stock Watch: FreeShop.com Gains After Secondary Sale Nixed

FreeShop.com, Inc. was up 3 1/8 to 31 9/16 in early trading today after the Seattle, Washington-based company said it ended plans for a three million-share stock offering because both management and shareholders felt the shares were undervalued.

“We feel that pursuing a secondary offering at this time is not in the best interests of our shareholders,” said FreeShop.com Chairman and Chief Executive Officer Tim Choate. “We remain very confident in our prospects for growth and are not in need of additional capital now or in the foreseeable future.”

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