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Smith & Wesson Holding Corp. (NASDAQ: SWHC) has just filed with the SEC to raise up to $250 million in a mixed securities shelf registration. The company will be able to sell common stock, preferred stock, debt securities, warrants, depositary shares, purchase contracts and units in any combination thereof.
Daily Archives: September 23, 2008
Smith & Wesson Gunning To Raise Cash (SWHC)
Capital One Sees What’s In Market’s Wallet (COF)
Capital One Financial Corp. (NYSE: COF) has come out with two announcements after the close. It is reaffirming its 2008 financial targets, but it is also raising cash. Capital One hired Citigroup and J.P.Morgan as joint book-runners for a proposed public secondary offering of 14 million shares of its common stock, and it will grant the underwriters for the offering an overallotment option to purchase additional shares of common stock. Net proceeds from the offering will be used for general corporate purposes. As far as Capital One’s expectations, the following metrics are being offered:
Capital One Sees What’s In Market’s Wallet (COF)
Capital One Financial Corp. (NYSE: COF) has come out with two announcements after the close. It is reaffirming its 2008 financial targets, but it is also raising cash. Capital One hired Citigroup and J.P.Morgan as joint book-runners for a proposed public secondary offering of 14 million shares of its common stock, and it will grant the underwriters for the offering an overallotment option to purchase additional shares of common stock. Net proceeds from the offering will be used for general corporate purposes. As far as Capital One’s expectations, the following metrics are being offered:
Raising Cash at Corporate Office Properties (OFC)
We have been highlighting how some of the commercial office and retail REITs are having a hard time as their need to raise cash comes at a high price. The current environment is driving up borrowing costs as their capital needs continue and tenants run into trouble. Corporate Office Properties Trust Inc. (NYSE: OFC) has just announced that it will sell 2,000,000 shares of common stock in a secondary offering. At today’s close of $40.02 that is barely $80 million. Its market cap is $1.91 billion. These shares do fall under an existing shelf registration.
Rosetta Stone Files For IPO (RST)
The self-study language tutorial company Rosetta Stone Inc. plans to go public via an initial public offering. The company has not listed any amount in shares or any indicated prices, but for filing purposes it showed a sale of as much as $115 million in securities. The underwriting group is rather large: Morgan Stanley, William Blair, Jefferies, Piper Jaffray, and Robert W. Baird.
The 52-Week Low Club 9/23/2008 (OSK)(IGT)(GME)(ANPI)
Oshkosh (OSK) Hit by class action suit over SEC disclosure regulations. Falls to $9.05 from 52-week high of $63.55.
International Game Technology (IGT) Concerns it will lose patent lawsuit. Drops to $15.22 from 52-week high of $49.41.
Gamestop (GME) Dips on concerns video game market is slowing. Sells off to $34.52 from 52-week high of $63.77.
Angiotech Pharmaceuticals (ANPI) Cuts staff and terminates tender offer. Plunges to $.53 from 52-week high of $7.90.
Douglas A. McIntyre
Smith International Files To Raise Capital (SII)
Smith International, Inc. (NYSE: SII) has just filed a mixed securities shelf registration statement. This will allow the oil and gas services company to sell debt, common stock, and units for an unspecified sum.
Shares of Smith International are down 1.4% at $65.86 late in the day. Its 52-week trading range is $53.39 to $88.40 and its market cap is nearly $13.3 Billion.
As of June 30, 2008, its cash and equivalents was listed as $141.5 million and total assets were $6.64 Billion. Total long-term and short-term liabilities were listed as $3.7 Billion.
Its use of proceeds is the standard "for general corporate purposes."
Jon C. Ogg
September 23, 2008
NASDAQ Heads to Vietnam (NDAQ)
The NASDAQ OMX Group, Inc. (NASDAQ: NDAQ) has signed a memorandum of understanding with Vietnam’s Ho Chi Minh Stock Exchange (HOSE). This is Vietnam’s largest stock exchange. The exchanges intend to support development of the Vietnamese securities market using NASDAQ OMX’s technology and market experience to strengthen infrastructure, efficiency and liquidity at HOSE and the Vietnamese capital market as a whole.
Before thinking this will add significantly to NASDAQ any time soon, you might want to look at the English version of the active stock page trading volume there.
Jon C. Ogg
September 23, 2008
Does Focus Media Fully Reflect Allyes IPO Value? (FMCN)
There have been interesting developments in Focus Media Holding Limited (NASDAQ: FMCN) that might have otherwise garnered more media attention for growth investors had the financial markets not been in such turmoil. Interestingly enough, this stock recovered before the news with the markets last week and has since traded up even more. Its stock was as low as roughly $22.00 last Wednesday. On Friday, the Chinese outdoor advertising giant said its subsidiary Allyes Online Media Holding Ltd. has submitted data to the SEC to go public via an initial public offering.
Iridium Comes Public Again Via Greenhill SPAC (GHQ, GHL, GSAT, SKYT)
GHL Acquisition Corp. (AMEX: GHQ), a SPAC and affiliate of Greenhill & Co. Inc. (NYSE: GHL), is going to be rolling up an interesting operation. It is acquiring the old global satellite phone company Iridium Holdings LLC. The company will provide a $500 million cash infusion whichwill allow Iridium to finance its new finance system. It will valueIridium at roughly $591 million depending upon your calculations andthe final closing terms.
Higher ImClone Bid Challenges Icahn At His Own Game (IMCL, BMY)
ImClone Systems Inc. (NASDAQ: IMCL) is among the biotech bonanza merger candidates with one deal on the table and perhaps an unofficial deal waiting in the wings. Bristol-Myers Squibb Co. (NYSE: BMY) has now increased its offer to $62.00 from $60.00 for the remainder of shares it does not already own. A new letter from Bristol-Myers to Carl Icahn signals the company is also going directly to holders to remove existing board members and replace the board of directors with its own team in a secondary merger offer.
Paulson Plan Shows A Weakness: Above Market Pricing, Greater Taxpayer Risk
One of the aspects of the Paulson bailout bill that was not clear until today is that the Treasury has no intention of running a true action for the toxic assets on bank balance sheets. An auction would tend to set very low prices on the current value of mortgage-backed paper. Based on the few transactions which have taken place in the past, this might be as low as 30 cents on a dollar.
It has been widely assumed that banks would need to take large write-downs on the devalued assets, creating the need for them to raise more capital and further dilute shareholders.
All of those assumptions were mistaken.
Blank Check IPO Filing: REGIAN ACQUISITION CORP.
REGIAN ACQUISITION CORP. is the first blank check IPO filed this week. After yesterday’s close, Regian filed to sell 10 million units in an initial public offering, with each unit consisting of one share of common stock and one warrant with a $7.50 strike price. It plans to list on AMEX, but no ticker was given.
Implications of New Natural Gas Pipeline Joint Venture (OGE, ETP, KMP)
A 50/50 joint venture between OGE Energy (NYSE:OGE) and Energy Transfer Partners (NYSE:ETP) will create a new midstream company, currently called ETP Enogex Partners LLC, to transport natural gas from Texas and Oklahoma to markets in California and the northeastern US. OGE is contributing all of its Enogex interests to the new JV, and ETP is contributing all its interests in its Transwestern Pipeline, the ETC Canyon Pipeline, and its 50% interest in the Midcontinent Express Pipeline (the other 50% is owned by Kinder Morgan (NYSE:KMP).
Meredith Whitney Strikes Again (BAC, C, JPM, WB, WFC)
Oppenheimer’s star banking analyst Meredith Whitney is out with another scathing note on major banks this morning despite the government bailout plan. She slashed estimates on Bank of America Corp. (NYSE: BAC), Citigroup Inc. (NYSE: C), JPMorgan Chase & Co. (NYSE: JPM), Wachovia Corp. (NYSE: WB) and Wells Fargo & Co. (NYSE: WFC) since their loss provisions will be much higher than what has been written off to date.
Air Products Stumbles On The Way To Home (APD)
Air Products & Chemicals Inc. (NYSE: APD) has lowered its guidance for the quarter. The company now sees its earnings in a range of $1.24 to $1.26 per share, below the $1.40 First Call consensus estimates. Its previous guidance was $1.37 to $1.42. That range is also below the lower-end of the analyst range of $1.35. Much of the issue here seems easy to justify, but as you go on this begins to sound more symptomatic more than unique cause and effect.
Putting The Bailout On Hold
So far, Congress has not shown any inclination to buy into the Paulson-Bernanke proposal to give the Treasury a clean piece of legislation so that it can purchase up to $700 billion in toxic assets held by banks.
In testimony he will give to the Senate Banking Committee, Bernanke will say that "Action by Congress is urgently required to stabilize the situation and avert what could otherwise be very serious consequences for our financial markets and our economy."
Unisys Looking For New Turnaround CEO (UIS)
Unisys Corp. (NYSE: UIS) is going to be back in the same boat it was in before its current management tried to turn this ship around. CEO Joe McGrath, who joined in 2005, is stepping down by the end of the year. He will maintain running many day-to- day operations while a replacement is sought.
CenterPoint Outlines Its Own Hurricane Ike Costs (CNP)
CenterPoint Energy Inc. (NYSE: CNP) has come out this morning with a filing to show its expected costs for restoring power and from outages in the Houston-Galveston area as a result of Hurricane Ike. The Houston-based electricity and gas supplier for roughly 5 million metered customers in Texas, Arkansas, Louisiana, Minnesota, Mississippi, and Oklahoma has said that it sees charges now of $350 million to $500 million for restoring power to the greater Houston area after much of its infrastructure was damaged by the storm.
Early Bird Analyst Upgrades (NLY, ATML, DWA, NVS, PRM, SSCC, SNWL)
These are not all of the upgrades and positive analyst calls on Wall Street this morning, but these are the ones we are focusing on early this Tuesday morning:
- Annaly Capital (NLY) Raised to Buy at Merrill Lynch.
- Atmel (ATML) Started as Buy at UBS.
- Dreamworks Animation SKG (DWA) Raised to Buy at Merrill Lynch.
- Novartis (NVS) Raised to Neutral from Underperform at Credit Suisse.
- Primedia (PRM) Raised to Neutral at JPMorgan.
- Smurfit-Stone Container (SSCC) Raised to Buy at Goldman Sachs.
- SonicWall (SNWL) Started as Outperform at Baird.
Jon C. Ogg
September 23, 2008
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