# Bill Holdings Inc. Denies Market Rumor, Stock Bounces Back
Shares of Bill Holdings Inc. (BILL, -10.18%) bounced sharply off a 3 1/2-year low in morning trading Thursday, following a breaking from tradition move where the financial software company denied a recent “market rumor.”
Earlier in the day, the stock had tumbled as much as 16.5%, reaching an intraday low of $51.94. This marked the lowest price seen since April 27, 2020. The drop came after Bloomberg reported late Wednesday that Bill Holdings Inc. was nearing a deal to acquire digital payment tools provider Melio Payments, in a cash-and-stock deal valued at $1.95 billion.
However, Bill Holdings Inc. made an unexpected statement today, stating that although it generally refrains from commenting on market rumors or media speculation, it is not currently pursuing any such acquisition at this time.
As a result of this announcement, the stock experienced a recovery but remained down by 9.3%. This decline adds to the recent setback, as last Friday saw a plunge of 25.2% following the company’s fiscal first-quarter earnings report. While Bill Holdings Inc. managed to exceed analysts’ expectations for earnings, it provided a downbeat full-year outlook, citing concerns about inflation and consumer uncertainty which pose a significant threat to smaller-business customers.
Over the past three months, the stock has endured a substantial decrease of 47.6%, while the S&P 500 (SPX, -0.16%) has only eased by 2.1% during the same period.