Exponential Volume Alert in Petroleum Development Corp. (PETD)

Posted in pre-market 
August 12th, 2009

Petroleum Development Corporation (NASDAQ: PETD) is seeing a flurry of trading to the downside this morning after pricing 3.75 million shares in a secondary offering at $12.00.  We show the closing bell as $13.42 yesterday and the pre-drop market cap was $199.6 million.  Sahres are down over 5% at 412.70 as 9:11 AM EST but we have already crossed a full day’s average volume.  The volume was 320,000 versus 266,000 on average. This will be an exponentialvolume mover today.-JON OGG

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