Secondary offerings often create volume spikes in the shares, but we are seeing moves in several key stocks with secondary offerings. The moves are in Sequenom, Inc. (NASDAQ: SQNM), DryShips Inc. (NASDAQ: DRYS), Teekay Offshore Partners LP (NYSE: TOO), and Qlik Technologies Inc. (NASDAQ: QLIK).
Sequenom, Inc. (NASDAQ: SQNM) said the underwriters of its offering that priced on December 2, 2010 have exercised in full their overallotment option to purchase an additional 2,100,000 shares; so the offering will total 16,100,000 shares at $6.00 per share for total gross proceeds of $96.6 million to Sequenom. Shares are down 1.8% at $6.63 on almost 300,000 shares as of 9:50 AM EST; yesterday shares closed down only $0.06 at $6.75 but that was on more than 9.7 million shares.
DryShips Inc. (NASDAQ: DRYS) is soaring on word that its Ocean Rig UDW Inc. subsidiary plans to offer roughly $500 million of stock via a private placement to raise funds for the construction of its deepwater drillships. DryShips at 9:50 AM EST is trading up almost 9% at $5.70 on 11.7 million shares versus an average volume of 14.9 million shares and versus a 52-week range of $3.28 to $6.95.
Teekay Offshore Partners LP (NYSE: TOO) is down 5.7% at $27.43 on more than 1.1 million units after it priced 5.6 million units at $27.84 to buy more ships. Average volume is only 222,000 units a day and the 52-week range is $16.89 to $29.94.
Qlik Technologies Inc. (NASDAQ: QLIK) sold 11.5 million shares in a public secondary offering at $23.00 per share. Shares have recovered and are down now ‘only’ by 1.1% at $23.09 versus a post-IPO trading range this year of $14.00 to $27.70. Volume is through the roof at 2.2 million shares versus only about 350,000 on an average day.
These are not even all of the secondary offerings today.
JON C. OGG