After just 10 minutes of the New York Stock Exchange opening, share prices fell from $18.77 to $17.88, but recovered to $18.44 by the end of Wednesday's trading.Manchester United's share price on the New York Stock Exchange closed at $18.44 after a day of fluctuation following Sir Alex Ferguson's announcement that he will retire at the end of the season.
Trading opened in New York at 9:30 am EST for the first time since the revelation and, after just 10 minutes, United posted a 4.7 percent drop in share price from $18.77 to $17.88.
After an hour, United's price appeared to stabilize after it had risen back up to $18.41 but fluctuations continued until the stock finished at $18.44, for an day's loss of -1.76 percent.
|CURRENT MANCHESTER UNITED STOCK PRICE
AS OF 23:00: $18.44 (-1.76%)
With Ferguson to retire at the end of the season and take up roles as a director and ambassador, Goal.com exclusively revealed that Everton manager David Moyes will replace the 71-year-old at Old Trafford and could be confirmed within the next 24 hours.
"The qualities [needed] are the ones that have been inherent in Manchester United for many years," United chief executive David Gill told MUTV.
Gill confirmed that Sir Alex Ferguson, along with Sir Bobby Charlton, are involved in the appointment of the new manger.
"If you look at what has happened with the two most successful eras – Sir Matt Busby and Alex – they are managers who got involved in the whole aspect of the club, whether it be from the youth team up to the first team.
"All aspects of it, plus that degree of loyalty and the understanding of the football club that it's not just what happens on the first-team pitch, is crucial to the success of Manchester United. Those are the sort of things we’ll be looking at.
"Clearly he has to have the requisite football experience, both in terms of domestic and European experience, so I think it's a small pool but we'll move forward."
In his statement, Ferguson believes that "now is the right time" for him to step down but insisted that he is leaving the side "in the strongest possible shape."