Linn Energy Selling Units Close to Highs (LINE)

Posted in after-hours, pre-market 
October 7th, 2009

Linn Energy LLC (NASDAQ: LINE) is getting hit after it reported late yesterday that it would sell 6 million units and would give underwriters a 30-day option to purchase up to an additional 900,000 units to cover overallotments.  The company’s sale is to repay debt.  Average volume is 1.1 million shares, but so far we have already seen 212,000 shares trade hands down by over 5% at $21.92 as of 8:35 AM EST.  In the after-hours this traded down 4.5% and saw some 273,000 shares trade hands.  Part of the discounting is because this comes very close to 52-week highs.  It closed at $23.14 yesterday and its 52-week trading range is $10.81 to $24.09. -JON OGG

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