Cal Dive Dumped on Secondary (DVR)

Posted in pre-market 
September 18th, 2009

Cal Dive International Inc. (NYSE: DVR) is seeing fairly active trading after it priced a 20.6 million share secondary offering of common stock at $10.00.  All shares are being sold by Helix Energy Solutions Group, Inc. (NYSE: HLX) in a sale conducted by Credit Suisse and BofA Merrill Lynch.  As the stock closed at $10.64 yesterday, shares are down 2.5% at $10.37 on about 80,000 shares as of 8:40 AM EST.  The 52-week high is $12.32. We expect volume to ramp up considerably here as the open gets closer.  This was down almost 5% on strong volume yesterday as well.

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