Volume Spikes On Stock/Debt Offerings (BVF, JBLU, VLO, STLD)

Posted in after-hours 
June 2nd, 2009

Biovail Corporation (NYSE: BVF) fell by almost 7% after the drug company announced a plan to sell $200 million in convertible notes.

Jetblue Airways Corporation (NASDAQ: JBLU) has announced that it intends to offer some 20 million shares of common stock.  It also plans to offer an aggregate of $150 million in convertible debentures in two series.

Valero Energy (VLO) traded lower on a double-dip news event.   The company said it would lose roughly -$0.50 EPS due to extended downtime at its Delaware City and McKee refineries and by the continuation of weak sour crude oil discounts and lower diesel margins.  They decided to announce a proposed sale of some 40 million shares of common stock to raise some $800 million in cash.

Steel Dynamics (STLD) saw shares sell off by about 7% after the company filed to sell 27 million shares in a secondary offering and $150 million in a convertible debenture.

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