24/7 Wall St. » AMP

Secondary Issuers Getting Hit (AMP, ATPG, ERIC, MI, VMC)

247wallst — Fri, 12 Jun 2009 15:24:45 +0000

We are seeing some active trading in the stocks which raised capital via secondary offerings today. These are all down except for one and today’s hopper has Ameriprise Financial Inc. (NYSE: AMP), ATP Oil & Gas Corp. (NASDAQ: ATPG), LM Ericsson Telephone Co. (NASDAQ: ERIC), Marshall & Ilsley Corporation (NYSE: MI), and Vulcan Materials Company (NYSE: VMC).

Ameriprise Financial Inc. (NYSE: AMP) priced a 36 million share secondary offering of common stock at $25.00 per share. That $900 million gross amount of proceeds compares to a market cap of roughly $5.4 billion before the offering. Shares are down about 4% at $24.65. Its 52-week trading range is $11.74 to $49.76, but this was a $30 stock just last week.

ATP Oil & Gas Corp. (NASDAQ: ATPG) priced its secondary offering of 8.75 million shares of common stock at $8.25 per share after closing at $8.64 yesterday and being north of $9.00 just two days ago.The size of this offering was increased from 7.25 million shares and it held up better than we might have guessed despite today’s drop. Shares are down by 4.5% at $8.25 and its 52-week range is $2.75 to $44.12. Before this offering, we show its market cap was around $300 million.

LM Ericsson Telephone Co. (NASDAQ: ERIC) is down 1% at $9.53, but the drop may be on the Barclays downgrade as this is a refinancing of a bilateral loan with the Swedish Export Credit Corporation and partially backed by the Swedish Export Credit Guarantee Board. It intends to use the proceeds of the offering to refinance bonds maturing within the current and next year and for general corporate purposes. We say the downgrade has more to do with this than anything.

Marshall & Ilsley Corporation (NYSE: MI) sold 87 million shares of common stock in a secondary offering at $5.75 per share. This is trading above the price of the offering but is off 2% at $6.00 this morning after closing at $6.14 yesterday. Its 52-week range is $2.98 to $29.97 and its market cap before this offering is listed as almost $1.6 billion.

Vulcan Materials Company (NYSE: VMC) is actually a standout stock from the group, odd considering the unusual dividend activity. Its shares are higher after pricing 11.5 million shares of common stock at $41.00 per share. Based on the trading, it is a safe bet that underwriters took the 1.725 million additional shares in the overallotment (Goldman Sachs, Merrill Lynch, J.P.Morgan, and Wachovia). This was a deep discount, but the good news for Vulcan is that shares are up 7.5% at $45.90.

Jon C. Ogg
June 12, 2009

Posted in Secondary Offering, Trading Alert Tagged: AMP, ATPG, ERIC, MI, VMC

Top Pre-Market Analyst Downgrades (AMP, AAPL, DVAX, FCX, GMT, LNC, PCX, X)

247wallst — Wed, 22 Oct 2008 06:52:08 +0000

These are some of the top pre-market analyst downgrades from Wall Street this Wednesday morning:

Ameriprise Financial (AMP) Cut to Market Perform at KBW.
Apple (AAPL) Cut to Neutral at UBS.
Dynavax (DVAX) Cut to Perform at Oppenheimer.
Freeport-McMoran (FCX) Cut to Market Perform at FBR.
GATX (GMT) Cut to Neutral at Piper Jaffray.
Lincoln National (LNC) Cut to Market Perform at KBW.
Patriot Coal (PCX) Cut to Market Perform at FBR.
US Steel (X) Cut to Sell from Neutral at Goldman Sachs.

Jon C. Ogg
October 22, 2008

Posted in Analyst Calls Tagged: AAPL, AMP, DVAX, FCX, GMT, LNC, PCX, X

Berkshire Hathaway Dumps Ameriprise (AMP, BRK.A, BRK.B)

247wallst — Thu, 15 May 2008 15:56:12 +0000

Ameriprise Financial Inc. (NYSE: AMP) was the stand out stock in Warren Buffett’s holdings today. Beakshire Hathaway inc. (NYSE: BRK.A, BRK.B) held some 661,742 shares and listed as worth some $36.4 million back at the end of 2007. NO MORE….

Ameriprise was not in the holdings listed. today. It was really a small position anyhow.

Jon C. Ogg
May 15, 2008

Buffett & Berkshire Hathaway Holdings A-G (BRK-A, BRK-B, AXP, AMP, BUD, BNI, KMX, KO, CMCSA, CDO, COP, COST, GCI, GSK)

247wallst — Thu, 14 Feb 2008 22:56:50 +0000

These are the new combined holdings (alphabetically A-G) from Warren Buffett’s Berkshire Hathaway (NYSE: BRK-A) for the period ended December 31, 2007:

American Express (NYSE: AXP) 151.6 million shares for a value of more than $7.8 Billion.
Ameriprise (NYSE: AMP) 661,742 shares listed as worth some $36.4 million, why even bother…
Anheuser-Busch (NYSE: BUD) 35.56 million shares totaling some $1.87 Billion.
Burlington-Northern-Santa Fe NYSE: BNI) 60.828 million shares worth some $5.06 Billion.
Carmax Inc. (NYSE: KMX) 21 million shares worth some $414.7 million.
Coca-Cola (NYSE: KO) 200 million shares for some $12.27 Billion.
Comcast (NASDAQ: CMCSA) 12 million shares for some $217.4 million.
Comdisco (NYSE: CDO) 1.53 million shares for some $14 million, why even bother….

ConocoPhillips (NYSE: COP) 17.5 million shares for some $1.546 Billion.
CosctCo Wholesale (NASDAQ: COST) 5,254,000 million shares for some $366 million.
Gannett (NYSE: GCI) 3,447,600 shares for some $134.45 million.
General Electric (NYSE: GE) 7.777 million shares for some $288.3 million.
GlaxoSmithKline (NYSE: GSK) 1.51 million shares for $76.1 million.

Buffett’s Full List of holdings alphabetically H-P
Buffett’s Full List of holdings alphabetically S-Z

Jon C. Ogg
February 14, 2008