Count em 8 secondary offerings that I know of tonight, wait my phone just rang make that 9 - Thats an awful lot of stock for sale by people who aren't interested in defending there portfolios - these people are interested in hitting the ATM machine and raising money, cash, the green stuff. If the future was sooooo rosy why would companies be diluting themselves with equity offerings? WHY? Ibanks make a fortune on these offerings - 1$ or so per share. In order to make these offerings work you have to have people lathered up to buy equities - Id say the current environment qualifies. I sold some extra futures due to the fact that Im in to buy all of these deals- or at least a bunch of em.
Anyways CSCO earnings are out after the close and the stock is selling off 3% or so (no position). Another stock that I have a bearish option position in ANDE posited earnings 11 cents worse than expected - Ill be interested to see the action in there tomorrow. The home team made a small profit today - relief.
Im off to Great America for some fun b/c my daughter won a free ticket due to her completing a reading challenge thru her school. Good job E.
Have a good night
JB
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