Secondary Volume Surge: Suntech Power (STP)

Posted in General 
May 22nd, 2009

Suntech Power Holdings Co. Ltd. (NYSE: STP) is actually holding up a bit better than you might have thought.  The solar player priced a 20 million share secondary offering at $12.50 per share, a steep discount from a $13.47 close yesterday.  That is already after STP fell by over $2.30 on word of the offering and after earnings.  Shares are trading at $13.14, down only about 2.5% from the $13.47 close and we have seen over 300,000 shares trade hands at 8:00 AM EST.


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