The company plans to use the proceeds to acquire new vessels, as well as for general corporate purposes.  Those acquisitions of vessels include vessels which Teekay Corp. (NYSE: TK) has offered or may offer for it to acquire. Teekay raised roughly $130 million in another secondary offering this year.

Teekay’s units had risen nearly 50% this year and the units closed at $29.11 today against a 52-week range of $16.89 to $29.94.  In the after-hours reaction, those units were trading down nearly 5% around $27.70.

JON C. OGG

Potash Corp. of Saskatchewan, Inc. (NYSE: POT) is surging after rejecting a $130 buyout offer.  Shares are up 28% at $144.00 on well over 2 million shares.  China Agritech, Inc. (NASDAQ: CAGC) closed at $15.28 and shares are trading up 8.5% at $16.59 on 40,000 shares.  Origin Agritech Limited (NASDAQ: SEED) closed at $8.33 and shares are up over 8% at $9.02 on more than 20,000 shares.

Fiserv Inc. (NASDAQ: FISV) is indicated up 2% above $51.00 this morning after Warren Buffett added the stocks as a new position inside Berkshire Hathaway’s public stock holdings.

MannKind Corporation (NASDAQ: MNKD) is down over 6% at $6.41 after having been down more than 8%… This is over an offering of up to 8,000,000 shares of its common stock in a stock loan to Bank of America.

Pacific Ethanol, Inc. (NASDAQ: PEIX) is up 17% at $0.61 after positive earnings after items; Revenue was $76.8 million versus $70.1 million a year ago.

Pactiv (NYSE: PTV) is higher on reports that it may be acquired by the Rank Group from New Zealand. Shares are trading up over 8% at $33.65 on about 100,000 shares.

Research in Motion Limited (NASDAQ: RIMM) is lower and may challenge the $50.00 per share mark again.  We have seen nearly 50,000 shares trade hands and shares are down by more than 1% at $50.25.

Rick’s Cabaret International, Inc (NASDAQ: RICK) is indicated down 10% after a double-digit drop last night after earnings were $0.09 EPS and revenues were $19.93 million versus estimates of $0.20 EPS and $20.34 million.

Teekay Offshore Partners L.P. (NYSE: TOO) is down 5% at $22.00 on somewhat active volume after releasing that it plans to offer 5,000,000 common units for general partnership purposes, which includes funding vessel acquisitions.  It also plans to repay a portion of its outstanding credit facility debt.

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JON C. OGG

• Akamai Tech (NASDAQ: AKAM) Cut to Hold from Buy at Citigroup.
• American Eagle (NYSE: AEO) cut to Underperform at Friedman Billings.
• Ariba (NASDAQ: ARBA) raised to Outperform at RBC Capital.
• Blockbuster (NYSE: BBI) Added To Citigroup’s Top Picks list.
• Compuware (NASDAQ: CPWR) Raised to Buy from Hold at Banc Of America.
• Dynavax Technologies (NASDAQ: DVAX) cut to Peer Perform at Bear Stearns.
• Finisar (NASDAQ: FNSR) Raised to Overweight at Thomas Weisel.
• National City (NYSE: NCC) Raised to Buy from Hold at Citigroup.
• Teekay Offshore (NYSE: TOO) raised to Outperform at Wachovia.
• Texas Instruments (NYSE: TXN) Raised to Buy from Hold at Citigroup.

Jon C. Ogg
May 19, 2008

Jon Ogg produces and edits the "10 Stocks Under $10" newsletter and he does not own securities in the companies he covers.