No money was injured while filming

The impact of secondary offerings is being felt this morning.  Some key deals announced are from Ashford Hospitality Trust, Inc. (NYSE: AHT), Cell Therapeutics, Inc. (NASDAQ: CTIC), Syntroleum Corporation (NASDAQ: SYNM), Tanger Factory Outlet Centers Inc. (NYSE: SKT).  We have identified the offering terms of each deal and provided the appropriate color on each deal.

Ashford Hospitality Trust, Inc. (NYSE: AHT) was supposed to sell 6 million shares but sold 7 million shares at $12.50 per share.  Ashford will repay its outstanding debt under its senior credit facility, for general corporate purposes, financing future hotel-related investments, capital expenditures and working capital or repayment of other debt or obligations. Morgan Stanley, Credit Suisse, KeyBanc Capital Markets, and UBS are managers for the offering and Ashford granted the underwriters a 30-day option to purchase up to an additional 1,050,000 shares to cover over-allotments. Ashford closed at $12.44 yesterday and shares are indicated up around $12.50 after being at $13.20 earlier in the week.  Its 52-week range is $6.46 to $14.32

Cell Therapeutics, Inc. (NASDAQ: CTIC) is down almost 15% at $1.66 after going back to the capital well after closing at $1.96 yesterday.  The company sold $30 million of shares of its Series 13 Preferred Stock and warrants to six institutional investors, with each preferred share convertible at the option of the holder into 588 shares of common stock at $1.70 per share as the conversion price for a total of approximately 17,647,059 shares of common stock.  The adjusted 52-week range is $1.26 to $3.30.

Syntroleum Corporation (NASDAQ: SYNM) sold 15,900,000 shares of common stock and warrants to purchase up to 7,950,000 shares of our common stock at a price of $1.58 per share with 0.5 of a 5 year warrant to purchase one share of common stock at an exercise price of $2.36. Syntroleum is set to get gross proceeds of $25.1 million from the stock sale and an additional $18.8 million if all the warrants are exercised.  The deal was sold for the company’s benefit and by the company through JMP Securities LLC; net proceeds are for general corporate purposes, working capital for its Dynamic Fuels, LLC investment and initial natural gas to liquids project development.  Shares are getting pounded as a result of the offering by almost 25% of a drop to $1.49.  The new adjusted market cap before the effects of this offering is about $122 million.

Tanger Factory Outlet Centers Inc. (NYSE: SKT) announced the pricing of a 4 million share offering at $25.95 per share.  The shares were previously sold to Jefferies & Company, Inc., who also happens to be the sole underwriter of the offering.  There is a 30-day option to purchase up to 600,000 additional shares to cover overallotments. The company said that it intends to use the net proceeds to pay down funds in its senior unsecured lines of credit and for general corporate purposes.  Tanger was at $26.80 earlier in the week and closed at $26.32 yesterday.  Oddly, it is getting a boost and shares are up 1.7% at $26.76 on the offering.  What helped this morning was that Credit Suisse began coverage with an Outperform rating and a $30 price target.

JON C. OGG

This will be used to fund the building of the venture’s renewable synthetic fuels facility located in Geismar, Louisiana. This $100 million is the maximum amount that can be granted for a project under policy guidelines adopted by Louisiana’s Bond Commission.  The companies are planning on initial production starting in early 2010.

Dynamic Fuels was set up to convert low-grade inedible fats and greases into renewable synthetic diesel, jet and military fuel.

If you are flying a plane in 2011 or beyond and you think you keep smelling fried chicken, you might be a Dynamic Fuels client.

Jon C. Ogg
June 20, 2008

Fuel Tech, Inc. (Nasdaq: FTEK) announced receipt of a FUEL CHEM® demonstration order from a new electric utility customer in the Midwestern United States on a large Powder River Basin coal-fired boiler, with chemical feed scheduled to commence later this quarter.  Unfortunately for the company shareholders, shares slid nearly 3% to $24.39 after a miserable day yesterday.

Jim Cramer recently gave a large summary of his stock picks that would win from the move to a greener U.S., although some are far from "green" companies.

Lexington Insurance Company, a member company of American InternationalGroup, Inc. (NYSE:AIG), today announced Upgrade To GreenSM Residential,an insurance coverage allowing U.S. homeowner policyholders to rebuildtheir property to “green” standards following a covered loss.

Syntroleum Corporation (NASDAQ: SYNM) today announced it has retainedDallas-based Halliburton Investor Relations to manage the company’sinvestor relations program.  Akeena Solar, Inc. (NASDAQ:AKNS) shares fell some 24% to $5.50 todayafter posting wider losses, although shares are sill up about 80% off52-week lows.Dassault Systèmes (NASDAQ:DASTY) announced that electric carmanufacturer Tesla Motors has selected CATIA PLM Express as its productdevelopment solution.

US BioEnergy Corp. (NASDAQ:USBE) shares rose 16% to $7.45 today afterit announced net income of $11.1 million, or $0.15 per share, for thequarter ended September 30, 2007; this included a one-time impairmentcharge of $2.5 million.  It is positioned to bring total productioncapacity to 750 million gallons per year (mgy) by the end of 2008.Gross margins improved 50% to $28.8 compared to the second quarter of2007.  During the third quarter of 2007, the company sold 73.2 milliongallons of ethanol at an average selling price of $1.76 per gallon.

T. Boone Pickens’ alternative energy stock Clean Energy Fuels Corp. (NASDAQ:CLNE) saw sharesfall 3.6% today to $17.83 after yesterday’s earnings report. For thethird quarter of 2007, the Company’s combined volume of CNG and LNGdelivered increased to 20.0 million gasoline gallon equivalents(Gallons), compared with 18.2 million Gallons in the same period a yearago.  It will be interesting to know if T. Boone Pickens is still expecting $100/barrel oil.

Despite some massive selling yesterday and a recovery for most ofTuesday, alternative energy stocks are still seeing sellers hit theshares as oil is falling more and more.  Owning alternative energystocks is like having a leveraged trade on a high-beta stock when oilprices are fluctuating wildly as these will benefit from higher oilprices.  That sword cuts both ways.

Yesterday came the announcement that former VP Al Gore had joinedpremiere VC-firm Kleiner Perkins Caulfield & Byers as a partner forgreen investing.  The crowd that refuses to accept the term "globalwarming" or even "climate change" probably laughed hard that this wason the same day that many alternative energy stocks got crushed.

A boutique investment banking and research firm named BroadpointCapital initiated coverage of DayStar Tech (NASDAQ:DSTI), First Solar (NASDAQ:FSLR),and HOKU Scientific (NASDAQ:HOKU) all with Buy ratings today.

The PowerShares WilderHill Clean Energy ETF (AMEX:PBW) rose 4.8% to $23.60and the Market Vectors Global Alternative Energy ETF (NYSE:GEX) rose0.2% to $53.76.

-Jon C. Ogg
November 13, 2007

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