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You know the market is still strong when secondary floodgates open up and are so well received that so many deals are seeing increased offerings. Some of the deals we have seen this morning alone are Cal Dive International Inc. (NYSE: DVR), Franklin Street Properties Corp. (NYSE: FSP), Huntington Bancshares Incorporated (NASDAQ: HBAN), Mueller Water Products, Inc. (NYSE: MWA), Navios Maritime Partners L.P. (NYSE: NMM), SmartHeat Inc. (NASDAQ: HEAT), Sonic Automotive Corp. (NYSE: SAH), SXC Health Solutions (NASDAQ: SXCI), and VIVUS Inc. (NASDAQ: VVUS). Of the deals that priced today, the total came to more than $1.4 billion. We have also seen a new filing out of Bruker Corporation (NASDAQ: BRKR) for selling family members not tied to the business. Full details and some added color on each deal are provided below.
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Posts for Ticker ‘HBAN’
Secondaries Keep Flooding In (DVR, FSP, HBAN, MWA, NMM, HEAT, SAH, SXCI, VVUS, BRKR)
Short Sellers Target Big Financial Names (BAC)(AIG)(WFC)(FRE)
Short sellers upped their investments in stocks of the most prominent financial firms. Short interest in Bank of America (BAC), AIG (AIG), Wells Fargo (WFC), and Freddie Mac (FRE) all rose for the period ending June 30.
Short sellers also increased position in several regional banks. Short interest in KeyCorp (KEY) rose 31% to 38.1 million. Shares sold short in Regions Financial (RF) were up 13% to 65.9 million. Shares short in Bank of NY Mellon (BK) rose 31% to 14.2 million, and the short interest in Huntington Bancshares (HBAN) rose 75% to 58.8 million. Read More
S&P Looking For More Bank Losses (WFC, CMA, USB, BBT, RF, COF, FITB, HBAN, SNV, WTNY, FAS)
Standard & Poor’s may still have at least some relevance in its debt ratings. This morning we saw a wave of downgrades at banks by the debt ratings agency on systematic-risk and non-systematic risk. We tried to shorten this up to the most concise report in rating groups as this is hitting many of the bank stocks pretty hard this morning. Wells Fargo & Co. (NYSE: WFC), Comerica (NYSE: CMA), USBancorp (NYSE: USB), BB&T Corp. (NYSE: BBT), Regions Financial Corp. (NYSE: RF), Capital One Financial Corp. (NYSE: COF), Fifth Third Bancorp (NASDAQ: FITB), Huntington Bancshares Inc. (NASDAQ: HBAN), Synovus Financial Corp. (NYSE: SNV) and Whitney Holding Corp. (NASDAQ: WTNY) were all in the wave of S&P downgrades. This news has the extremely volatile Direxion Daily Financial Bull 3X Shares (NYSE: FAS) triple leverage financial sector ETF down 7% at $8.60.
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Top 10 Analyst Upgrades & Downgrades (T, DRYS, XOM, ITT, MOT, VZ, HBAN, RF, WMB, ZION)
These are ten of the top analyst upgrades and downgrades from Wall Street this Monday morning with more than two hours until the market opens:
- AT&T (T) Raised to Buy at Goldman Sachs.
- DryShips (DRYS) Raised to Perform at Oppenheimer.
- Exxon Mobil (XOM) Raised to Buy at Deutsche Bank.
- ITT (ITT) Raised to Neutral at JPMorgan.
- Motorola (MOT) Raised to Neutral at Credit Suisse.
- Verizon (VZ) Raised to Buy at Goldman Sachs.
- Huntington Bancshares (HBAN) Cut to Hold at Citigroup.
- Regions Financial (RF) Cut to Hold at Citigroup.
- Williams Cos. (WMB) Cut to Underperform at RBX.
- Zions Bancorp (ZION) Cut to Hold at Citigroup.
Jon C. Ogg
February 23, 2009
The 52-Week Low Club (BAC)(GE)(TXT)(FITB)(HBAN)
Bank of America (BAC) Falls to $4.72 on concerns that government might take over firm. Down from 52-week high of $43.81.
GE (GE) Drops to $11.19 on concerns about recession and the balance sheet of its financial unit. The 52-week high is $38.52.
Textron (TXT) Draws down $3 billion on credit line. Sells down to $5.68 from 52-week high of $65.52.
Fifth Third Bancorp (FITB) Drops on rising concerns about regional bank liquidity. Down to $1.47 from 52-week high of $27.10.
Huntington (HBAN) Another regional bank. Cuts jobs. Drops to $1.37 from 52-week high of $13.58.
Douglas A. McIntyre
The 52-Week Low Club (IP)(MAT)(HAS)(ADCT)(HBAN)(RF)(NCX)
NOVA Chemicals (NCX) Ratings cut pushes shares down to $1.28 compard to a 52-week high of $32.46.
Regions Financial (RF) Still falling after analyst downgrades. Falls to $2.67 from 52-week high of $25.84.
International Paper (IP) Cut by Goldman Sachs. Drops to $7.87 from 52-week high of $33.77.
Hasbro (HAS) May be reaction to bad earnings at Mattel (MAT) HAS off to $21.68 from 52-week high of $41.68.
A D C Telecommunications (ADCT) Bad outlook. Big earnings charge. Drops to $3.20 from 52-week high of $17.45.
Huntington Bancshares (HBAN) Dragged down by banking sector. Hits $1.93, down from 52-week high of $14.13.
Douglas A. McIntyre
Will Huntington Bancshares Raise Cash? (HBAN, HBANP)
Huntington Bancshares Incorporated (NASDAQ: HBAN) has filed a mixed-securities shelf registration with the SEC which will allow the company to sell securities and raise capital if it chooses. The company asked to sell an unspecified amount of mixed securities with no terms given nor any underwriters named.
Second Line Banks Line Up For TARP Bailout Money (FITB, HBAN, KEY, NTRS, WFSL)
This is one of the first rounds of the regional banks formally getting in line and formally receiving approval to participate in the $700 billion government TARP bailout package. Prior to this it had been the major banks and brokers which had been given clearance. Many of the healthy banks seem to be cautious to participate, but they also fear missing the boat in case things get far worse for them and they didn’t get in on the take.
Top Pre-Market Analyst Upgrades (APD, C, HBAN, MEOH, WFR, PPDI, SANM, SPG, WBS)
These are some of the top pre-market analyst Upgrades and positive calls we are seeing this Thursday Morning:
- Air Products (APD) Raised to Overweight at JPMorgan.
- Citigroup (C’) raised to Equal Weight at Morgan Stanley.
- Huntington Bancshares (HBAN) Raised to Equal-Weight at Morgan Stanley.
- Methanex (MEOH) Raised to Buy at UBS.
- MEMC Electronic Materials (WFR) Raised to Overweight at JPMorgan; Raised to Buy at Citigroup.
- Pharmaceutical Product Development (PPDI) Raised to Outperform at Baird.
- Sanmina-SCI (SANM) Raised to Outperform at Credit Suisse.
- Simon Property Group (SPG) Started as Overweight at Lehman.
- Webster Financial (WBS) Raised to Overweight at Morgan Stanley.
Jon C. Ogg
July 24, 2008
The 52-Week Low Club (ABK)(LCC)(AIG)(WB)(FVRL)(HBAN)
Ambac (ABK) Still dogged by concerns about losses and inadequate capital. Falls to $2.88 from 52-week high of $92.08.
US Airways (LCC) Concerns about cost of oil get worse. Drops to $4.06 from 52-week high of $36.81.
American International Group (AIG) Analyst concerns that new capital raise will fall short. Sells off to $34.53 from 52-week high of $72.96.
Wachovia (WB) Worries about the bank’s balance sheet increase. Skids to $23.13 from 52-week high of $54.95.
Favrille (FVRL) Down a second day after drug trial failure. Hits bottom at $.14 from 52-week high of $4.08.
Huntington Bancshares (HBAN) Market concerns that some mid-tier banks will fail. Runs down to $8.88 from 52-week high of $22.96.
Douglas A. McIntrye
Nasdaq Short Interest: More Bets Against Sirius (SIRI) And Banks
The short interest in Sirius (SIRI) inflated by 30.9 million shares to 188.9 million. The figures compare April 30 to April 15 numbers. Investor are clearly willing to gamble against the company’s merger with XM Satellite (XMSR).
Several banking stocks also say spikes in short interest. Shares sold short in Huntington (HBAN) moved higher by 9.6 million to 47.2 million. Shares short in E*Trade (ETFC) rose 9.2 million to 104.5 million. The short interest in Zions Bancorp (ZION) moved higher by 7.3 million to 23.2 million. Share short in Schwab (SCHW) moved up 6.9 million to 32.1 million. And, the short interest in Hudson City Bancorp (HCBK) was up 3.6 million to 27.2 million.
Other notable increases in short interest included share short in Oracle (ORCL) which rose 8.7 million to 51.4 million and Broadcom (BRCM) which had a move up of 8.2 million to 38.6 million.
Most technical and telecommunications stocks lost traders willing to bet against them. The short interest in Intel (INTC) fell 10.9 million shares to 44.9 million. Shares short in Microsft (MSFT) were off 10.6 million to 98.4 million. The short interest in Comcast (CMCSA) dropped 8.9 million to 60.7 million. Shares short in Cisco (CSCO) fell 5.9 million to 60 million. Short interest in Qualcomm (QCOM) dropped 5.7 million to 20.2 million.
Data from Nasdaq
Douglas A. McIntyre
The 52-Week Low Club (CRS)(CC)(FHN)(HBAN)(FITB)
Carpenter Technology (CRS) Company only manages to hit low end of guidance. Drops to $48.10 from 52-week high of $79.66.
Blockbuster (BBI) Bid for Circuit City (CC) sends investors running for the exits. Down to $2.52 from 52-week high of $6.69.
First Horizon Natl Corp (FHN) Poor earnings out of Wachovia (WB) tearing other shares down. Sells off to $11.60 from 52-week high of $41.46.
Huntington Bancshares (HBAN) Another victim of bank sell-off. Falls to $$8.96 from 52-week high of $22.96.
Fifth Third Bancorp (FITB) Bank. Down to $18.96 from 52-week high of $43.32.
Douglas A. McIntyre
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