Danaher's stock drops after launching offerings of $2.5 billion in equity securities

Shares of Danaher Corp. dropped 2.4% in premarket trading Thursday, after the medical and industrial products company said it launched offerings of $2.5 billion in equity securities. The offerings include $1.25 billion in shares of common stock and $1.25 billion in convertible preferred stock. The company expects to use the proceeds for general corporate purposes. Danaher's market capitalization was $114.28 billion as of Wednesday's stock closing price of $163.98. The stock, which closed at a record $169.51 on April 27, has gained 6.8% year to date through Wednesday, while the SPDR Health Care Select Sector ETF , of which Danaher is a component, has slipped 2.9% and the S&P 500 has declined 11.8%.

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