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Secondary Offerings Run At Market Flood Rates (MPEL, GSIC, AWK, GLDD, YSI, TBBK, HMPR, SBCF, CADE, UMPQ)

247wallst — Thu, 13 Aug 2009 15:52:16 +0000

It is one thing that we had two fairly large IPOs this week. But the flood of public secondary stock offerings is almost running at alarming levels when you consider that these share sales are after such a large run-up in the markets. Melco Crown Entertainment Ltd. (NASDAQ: MPEL) $200 million and GSI Commerce Inc. (NASDAQ: GSIC) (and holders) sold about $201 million in secondary offerings this morning. Other stocks in offerings are scheduled from American Water Works Co. (NYSE: AWK), Great Lakes Dredge & Dock Corp. (NASDAQ: GLDD), and U-Store-It Trust (NYSE: YSI). Then there is the flood of regional and community banks selling stock.

Details are as follows:

American Water Works Co. (NYSE: AWK) is on deck with German-parent RWE selling another 30 million shares via Bank of America Merrill Lynch, Citigroup and Goldman Sachs. With shares close to $19.00 today, this generates a $570 million estimates take.

Great Lakes Dredge & Dock Corp. (NASDAQ: GLDD) is on deck with some 12.5 million shares being sold through Barclays Capital and Bank of America Merrill Lynch. This should come to roughly $75 million being raised based on today’s price.

U-Store-It Trust (NYSE: YSI) is set to sell 22 million shares through Bank of America Merrill Lynch and Wells Fargo and this deal is expected to raise close to $110 million based on today’s price.

Then there are the regional and community banks that we have seen from Dandler O’Neill. The Bancorp Bank (NASDAQ: TBBK) is on deck to sell roughly $50 million worth of shares through Sandler O’Neill. Hampton Roads Bancshares Inc. (NASDAQ: HMPR) is expected to sell some 32 million shares through Sandler O’Neill and should raise roughly $140 million based on today’s price. Seacoast Banking Corp. of Florida (NASDAQ: SBCF) is expected to sell about 28 million shares also through Sandler O’Neill and will bring in close to $70 million based on today’s prices.

Two more banking deals are also on deck that will either come tonight or perhaps next week. Cadence Financial Corp. (NASDAQ: CADE) is expected to sell 31.5 million shares through FBR Capital Markets in an effort to raise roughly $55 million based upon today’s price. Be advised, Cadence is extremely think trading volume. Umpqua Holdings Corp. (NASDAQ: UMPQ) is expected to sell some $175 million in common stock via JPMorgan and others including KBW.

When we tally all of this up, it comes to more than $1.6 billion in secondary offerings just between today and what may come tomorrow. That cash has to come from somewhere and generally has to stay in the stock for at least a little bit of time.

You can join our open email distribution list if you like to hear about secondary offerings, IPOs, Warren Buffett and other guru activities, mergers, key daily analyst reports, and other top trading and investing issues.

JON C. OGG
AUGUST 13, 2009

Posted in Secondary Offering Tagged: AWK, CADE, GLDD, GSIC, HMPR, MPEL, SBCF, TBBK, UMPQ, YSI

Top Analyst Upgrades & Downgrades (BIDU, CERN, CLF, DE, DIET, LDK, MRVL, MCHP, NVO, YSI)

247wallst — Tue, 24 Mar 2009 11:49:32 +0000

These are the top pre-market analyst upgrades and downgrades we have seen early this Tuesday morning with about two hours until the market opens

Baidu.com (NASDAQ: BIDU) Started as Buy at Deutsche Bank.
Cerner (NASDAQ: CERN) Cut to Hold at Auriga.
Cliffs Natural Resources (NYSE: CLF) Raised to Outperform at FBR.
Deere (NYSE: DE) Started as Buy at Jefferies.
eDiets (NASDAQ: DIET) Cut to Hold at Canaccord.
LDK Solar (NYSE: LDK) Cut to EqualWeight at Morgan Stanley.
Marvell Tech (NASDAQ: MRVL) Started as BUy at Deutsche Bank.
Microchip Tech (NASDAQ: MCHP) Raised to Overweight at Thomas Weisel.
Novo Nodisk (NYSE: NVO) Raised to Hold at Citigroup.
U-Sture-It Trust (NYSE: YSI) Raised to Outperform at Baird.

Jon C. Ogg
March 24, 2009

Posted in Analyst Calls Tagged: BIDU, CERN, CLF, DE, DIET, LDK, MCHP, MRVL, NVO, YSI

Storage Trusts Follow Public Storage Down, Despite U-Store-It Rising (PSA, YSI, EXR, SSS)

247wallst — Fri, 09 May 2008 11:17:41 +0000

Public Storage (NYSE: PSA) is seeing some pressure this morning after earnings. Interestingly enough, its smaller counterpart U-Store-It Trust (NYSE: YSI) rose a sharp 3.5% to $11.99 after its earnings.

As u-Store-It was already closer to lows, had seen more selling, is only a $693 million stock market cap, and is generally far less representative of the entire extra-storage space property sector… the sector is following the lead of Public Storage.

Public Storage posted funds from operations excluding items and excluding currency of $1.16, while estimates were $1.24. The company attributed a shortfall compared to estimates as being due to higher than expected domestic expenses. The company also showed a decrease in per square foot occupancy from 90.1% in Q1 2007 to 89.5%, although that was offset by a 3.8% increase in rent to $13.82 per annual square foot.

After looking over the books, the company is actually in great shape financially and it should have more than enough to keep repurchasing shares and to keep paying out its dividends. The bad news is that it is no longer believed to be cheap on an underlying real estate land-bank basis.

With a $14.9 Billion market cap after a 5% drop today to $87.14, this one looks fully valued based on the current valuations and based on the current economic climate. Its 52-week trading range is $65.66 to $98.01. Five years ago, this was trading at about $36.00 per share.

This is also weighing on a few related companies today. Extra Space Storage Inc. (NYSE: EXR) is seeing shares trade down over 1% at $16.74 and Sovran Self Storage Inc. (NYSE: SSS) is seeing shares down over 1% at $43.13.

Jon C. Ogg
May 9, 2008

52-Week Low Club (December 28, 2007)

247wallst — Fri, 28 Dec 2007 15:01:00 +0000

Some of these stocks hit 52-week lows and recovered off of lows so they won’t have a low close. But these did all touch or breach the 52-week lows. At the end we also broke out retail stocks, financial stocks, airlines & transports, and hotels. A separate report could have been compiled for REIT’s as well, but many of those were left off because of room or volume. There were enough 52-week lows today that you might even wonder if there had been a mini-crash in the markets. Here are the 52-week lows for December 28, 2007:

Advanced Micro Devices (NYSE: AMD)… imagine if the company got Hector Ruiz to leave.
American Greetings (NYSE: AM)…again.
AstraZeneca (NYSE:AZN)… new entrant.
Carmike Cinemas (NASDAQ:CKEC)
ChipMOS (NASDAQ:IMOS)
Corp. Office Property (NYSE: OFC)
Cryptologic (NASDAQ: CRYP)
Diebold (NYSE:DBD)
Fortune Brands (NYSE:FO)
Group 1 Auto (NYSE: GPI)
Infinera Corp. (NASDAQ: INFN)
Introgen (NASDAQ:INGN)
Japan Smaller Cap Fund (NYSE: JOF)
Lamar Advertising (NASDAQ: LAMR)
Legget & Platt (NYSE: LEG)
Martha Stewart (NYSE: MSO)
Marvell Tech (NASDAQ:MRVL)
Mattel (NYSE:MAT)
McClatchy (NYSE:MNI)
Micron Tech (NYSE:MU)
NGAS Resources (NASDAQ:NGAS)
Nortel Networks (NYSE:NT)
Owens Corning (NYSE:OC)
Omnicare (NYSE:OCR)
Prestige Brand (NYSE: PBH)
PC-Tel (NASDAQ:PCTI)
Ruth’s Chris (NASDAQ:RUTH)
SanDisk (NASDAQ: SNDK)
Theravance (NASDAQ:THRX)
Tractor Supply (NASDAQ:TSCO)
Wendy’s (NYSE: WEN)
World Fuel Services (NYSE:INT)
U-Store-It (NYSE:YSI)

Retail Stocks on 52-week lows: Ann Taylor (NYSE:ANN), Big Lots (NYSE:BIG), Borders Group (NYSE:BGP), Bon Ton Stores (NASDAQ:BONT), Chico’s FAS (NYSE:CHS), Finish Line (NASDAQ:FINL), Liz Claiborne (NYSE: LIZ), Macy’s (NYSE: M), Office Max (NYSE:OMX), Petsmart (NASDAQ:PETM), Stage Stores (NYSE:SSI)

Financial stocks on 52-week lows: Bear Stearns (NYSE: BSC), Citigroup (NYSE:C), Canseco (NYSE: CNO), Discover Financial (NYSE: DFS), Fifth Third Bancorp (NASDAQ:FITB), Fortress Investment (NYSE: FIG), MBIA Inc. (NYSE: MBI), Washington Mutual (NYSE:WM)… urgh! When does it stop?

Airlines/Transports on 52-week lows: Airtran Holdings (NYSE: AAI)…again. Did they launch a Friends Die Free rewards plan? Continental Airlines (NYSE:CAL), Fedex (NYSE:FDX), Mesa Air (NASDAQ:MESA), Northwest Airlines (NYSE: NWA)… near $100 oil is a real pain.

Hotels Hitting 52-week lows: Host Hotels (NYSE: HST), Lasalle Hotel (NYSE: LHO), Starwood Hotels (NYSE:HOT), Sunstone Hotel (NYSE: SHO), Wydham Worldwide (NYSE:WYN). Maybe these all wish they could get the private equity buyers back in the sector. If only they could still borrow.

These CEO’s new year’s resolutions are all the same: "In 2008 I want to keep my stock off the 52-week low lists."

Jon C. Ogg
December 28, 2007

Pre-Market Analyst Calls (June 26, 2007)

247wallst — Tue, 26 Jun 2007 06:29:08 +0000

AYE raised to Buy at Jefferies.
BIIB cut to Equal Weight at Lehman.
CELG raised to Overweight at Lehman.
CKNN started as Buy at Merriman Curhan Ford.
CMG started as Equal-Weight at Lehman.
DLB raised to Overweight at JPMorgan.
DLIA started as Neutral at First Albany.
EAS raised to Hold at Jefferies.
EIX raised to Buy at Jefferies.
GENZ raised to Overweight at Lehman.
HGSI cut to Equal Weight at Lehman.
MLNM cut to Equal Weight at Lehman.
RATE started as Neutral at Oppenheimer.
SMSI started as overweight at JPMorgan.
TLVT cut to Neutral at Merrill Lynch.
TRBN started as Mkt Perform at FBR.
WINN raised to Outperform at FBR.
YSI raised to Market Perform at Wachovia.
ZOLL started as Buy at Sun Trust Robinson Humphrey.

Jon C. Ogg
June 26, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Massive List of 52-Week Lows (June 20, 2007)

247wallst — Wed, 20 Jun 2007 15:38:06 +0000

Stock Tickers: AVR, BCRX, CACH, CHCI, COLY, CTIC, FSII, HOV, HR, INFS, LEG, MTH, PEIX, RSYS, SCSS, SEPR, SNY, STAA, USBE, UTSI, VSE, YSI

Once again, many many more losers…..This list is larger than most of recent note. There is just about any given day where there are fresh 52-week lows:

Aventine Renewable (AVR)…-3.9% to $14.09; $14.60 prior low. Watch the renewable energy names as they are plentiful on 52-week lows.

BioCryst Pharma (BCRX)…-3.3% at $6.92; prior 52-week low $7.13; follow-on weakness from Peramivir Monday.

Cache (CACH)…-2.7% to $13.92; not lowest intraday but low close.

Comstock Homebuilders (CHCI)…-4.4% to $2.83; another stinking homebuilder.

Coley Pharma (COLY)….-59% to $3.46; $8.00 prior lows; intra-day implosion as Pfizer ditches its cancer drug.

Cell Therapeutics (CTIC)…-9.4% to $3.09; prior 52-week low was $3.38.

FSI International (FSII)….-13% to $3.43; $3.91 was prior low; weak guidance; hedge fund pressures CEo.

Hovnanian Enterprises (HOV)…-3% to $19.08; prior 52-week low $19.53; another stinking homebuilder.

Healthcare Realty (HR) -2.2% to $28.34; prior 52-week low was $28.57; this one goes lower and lower each week it feels like.

InFocus (INFS) -4% to $2.33; follow-on weakness after CFO quit; stock imploding….

Leggett & Platt (LEG)…-0.7% to $21.92; not tru 52-week low but low close; continued weakness after estimates cut from housing.

Meritage Homes (MTH)..-1.5% to $28.75; another stinking homebuilder.

Pacific Ethanol (PEIX)…-2.35 to $12.35; lowest close of late; and we thought ethanol was king…..

Radisys (RSYS)…-3.8% to $12.80; not true low but low close and hit intraday lows; no news today.

Select Comfort (SCSS)…-2.1% to $16.03; prior low $16.09; weak housing must mean weak bed sales; maybe hamocs are the new rage?

Sepracor (SEPR)…-2.5% to $43.67; prior 52-week low $43.84; insiders exercising stock options this week; P/E ratio drifting lower and lower; now down 33% from highs.

Sanofi-Aventis (SNY)…-1.8% to $40.84; prior low $41.09; drug woes continue; worries they’ll dilute to buy Bristol-Myers.

Staar Surgical (STAA)…-2.85% to $4.09; $4.14 prior 52-week lows; no news, but not a ‘staar’ after all.

US Bioenergy (USBE)…-2.6% to $10.67; $10.78 prior low; busted IPO looks like worse getting even worse.

UTSarcom (UTSI)…-3.8% to $5.28; $5.43 was prior 52-week low; down more than 50% in last year; the beatings will continue until leadership improves AND until they actually report and open the books.

VeraSun (VSE)…-4.7% to $13.08; $13.69 was prior 52-week low; ethanol slide continues.

u_Store-It Trust (YSI)…-2.9% to $16.97; $17.05 was prior intra-day low; no news, but they obviously aren’t storing enough.

Jon C. Ogg
June 20, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers.