Banking & Finance

More Secondary Offerings Hitting (CMA, SUSQ, VOLC)

We have three secondary offerings of note today, with two having an impact in the stock.  Comerica Incorporated (NYSE: CMA) is raising $800 million and Susquehanna Bancshares, Inc. (NASDAQ: SUSQ) is raising $350 million.  Those two are to exit the TARP.  Then there is a small deal from Volcano Corporation (NASDAQ: VOLC), although that is for a shareholder exit.  We have details on each offering below.

Comerica Incorporated (NYSE: CMA) is down 2% at $35.58 right after the open on 5.4 million shares.  Average volume here is only 2.45 million shares.  Comerica sold $800 million via 22,857,143 shares of common stock at $35.00 per share to repay the TARP.  Its market cap is 5.4 billion and the 52-week range is $11.91 to $37.32.

Susquehanna Bancshares, Inc. (NASDAQ: SUSQ) is also paying off the TARP… or is it the TRAP?  The company announced last night that it was offering $300 million in common stock and $50 million in  Cumulative Trust Preferred securities.  Shares are down 4.2% at $8.70 on 130,000 shares after the open. Average volume is 990,000 shares, the market cap is $755 million, and the 52-week range is $3.78 to $10.92.

Volcano Corporation (NASDAQ: VOLC) is barely lower after it filed to sell up to 1,248,669 shares of common stock at a proposed max price of $20.87.  These shares are for selling holders and can easily be absorbed by he market.  The average volume is 576,000 shares, the 52-week range is $11.33 to $24.22, and the market cap is $1.15 billion.

JON C. OGG