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May 9 Prep

noanettrader — Wed, 08 May 2013 23:42:28 +0000

Does it even matter what I think the market is likely to do tomorrow? Not one bit, of course. I gues

Ten Big Secondary Stock Offerings at Once, Almost $1.7 Billion Total (BNNY, TEU, EROC, ESC, HTWR, IMRS, STNG, SUI, WAGE, YNDX)

Jon C. Ogg — Wed, 13 Mar 2013 15:45:44 +0000

As the stock market keeps rising and rising, investors need to pay attention to how many companies are raising capital via secondary stock offerings. Some of these secondary stock offerings are for the benefit of the company, and others are for the benefit of the corporate insiders or backers who are able to sell shares while the market is strong.

Below are just some of the offerings we have seen today, but be advised that this represents a sum of close to $1.7 billion in gross sales that has to be absorbed by equity buyers. It is also after eight straight days of gains on the Dow Jones Industrial Average.

Annie’s Inc. (NYSE: BNNY) is back at the fountain and sold 3,500,000 shares at a price to the public of $40.00 per share. Be advised that these shares were sold exclusively by participating selling stockholders. The stock is down 3.7% at $39.79 and is down about $9 from its prior post-IPO high since the company has sold stock and had some food quality issues.

Box Ships Inc. (NYSE: TEU) sold 4 million common shares at $5.25 per share for gross proceeds of about $21 million, versus a $124 million market cap. The company plans to use the proceeds of the offering for general corporate purposes, such as the repayment of debt and the acquisition of ships.

Eagle Rock Energy Partners L.P. (NASDAQ: EROC) joined the master limited partnerships (MLPs) in selling units and bumped the offering up to 9 million units at $9.31 per unit. The reaction has the listed units down more than 3% from yesterday’s close at $9.32. Eagle Rock said that it intends to use the net proceeds to repay a portion of the outstanding borrowings under its credit facility. Be advised that the distribution yield here is about 9.2%.

Emeritus Corp. (NYSE: ESC) sold 7.97 million shares of common stock on behalf of the senior living services provider at $27.00 per share, versus the $27.54 closing price yesterday. Be advised that these shares were sold by affiliates of AREA Property Partners. Also be advised that the CEO and directors also were selling shares here. The company itself granted the underwriters a 30-day overallotment option to purchase up to an additional 1,196,040 common shares, and those proceeds (if exercised) would be used for general corporate purposes. Shares are down 2% at $26.96 against a 52-week range of $14.24 to $30.95.

HeartWare International Inc. (NASDAQ: HTWR) sold 1.5 million shares at $86.45, which was at yesterday’s closing bell price. This is an extra 10% of the float, but the proceeds are for the company itself, which is planning to use the net proceeds for working capital and general corporate purposes.

IMRIS Inc. (NASDAQ: IMRS) sold 5.75 million shares at $3.50 per share to raise just over $20 million. Shares are down at $3.29 after the offering. The good news is that IMRIS intends to use the net proceeds from this offering for working capital and general corporate purposes.

Scorpio Tankers Inc. (NYSE: STNG) sold a whopping 29.01 million shares at $8.10, versus an $8.53 close. Shares are only down 0.9% at $8.45 after the offering. Be advised that a firm we are unaware of named RS Platou Markets was the sole manager and lead placement agent. The net proceeds of the offering are expected to be used for vessel acquisitions, working capital and other general corporate purposes. The prior market cap before the effects of the offering is about $390 million, and the gross proceeds were about $235 million in the offering.

Sun Communities Inc. (NYSE: SUI) sold 5 million shares in an upsized offering at $45.25 per share. Net proceeds are for general corporate purposes, and the stock is down 0.85% at $45.29 against a 52-week range of $36.15 to $47.84.

WageWorks Inc. (NYSE: WAGE) sold 5.631 million shares at $24.00 per share, versus a $24.07 close. While shares are actually up on the day, we would point out that selling stockholders were selling 5,131,115 shares in the offering. This company has performed very well since its IPO, with its stock having risen more than 100%.

Yandex N.V. (NASDAQ: YNDX) is called the “Google of Russia” by traders, and its ADRs took a big hit on Tuesday ahead of the offering, from $25 down to almost $23.00. The company’s selling shareholders (BC&B Holdings B.V., Belka Holdings Limited, Ilya Segalovich and Emerald Trust) sold 24,253,987 Class A shares at a price to the public of $22.75 per share. None of the shares were sold by Yandex, and the company will not receive any proceeds from the offering. The saving grace here is that shares have bounced almost 4% to $23.92, against a 52-week range of $16.65 to $28.14.

Be advised that these are not quite all the offerings, when you include some fresh filings and what are some offerings too small to matter. The total offerings come to about $1.67 billion that the market has to pony up cash for instead of buying existing shares. About $550 million was the Yandex offering alone, but seven of these 10 offerings were $100 million or more in gross proceeds raised.

Feb 27 Prep

noanettrader — Wed, 27 Feb 2013 01:19:04 +0000

Market is still officially in a correction. Having said that, we are seeing a number of stocks that

Week 43 (10/22/12)

antichartjunk — Mon, 22 Oct 2012 04:08:57 +0000

Buy or Sell: Sell

Long Into Week 43 – MA

Short into Week 43 – PCLN

Add to watchlist as initial or secondary pivots:

CRM – 152.07 to 159.67

CTRX – 48.74 to 51.18

GNC – 41.32 to 43.39

GOLD – 120.83 to 126.87

MA – 460.23 to 483.24

UA – 61.06 to 64.11

VRX – 61.21 to 64.27

Add to watchlist as secondary pivots only (or higher risk initial pivots):

AMGN – bounce from 50-day

BNNY – bounce from 50-day

ESRX – bounce from 50-day

GPS – bounce from 50-day

KORS – bounce from 50-day

RMD – 40.09, bounce from 50-day

SHW – bounce from 50-day

TCBI – bounce from 50-day

VRX – bounce from 50-day

Follow me on Twitter @antichartjunk

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Top Analyst Upgrades and Downgrades (AWR, BNNY, MT, ARMH, AZO, SAN, FB, GME, IR, IBM, MANU, MRVL, NWSA, NTI, NYX, TIVO, VOD, JPM, GS, MS, BCS, AAPL, RIMM)

Jon C. Ogg — Tue, 04 Sep 2012 12:39:17 +0000

These are the top analyst calls of upgrades, downgrades and initiations we have seen from Wall St. research calls this Tuesday morning.

American States Water Co. (NYSE: AWR) cut to Neutral at Baird.

Annie’s Inc. (NYSE: BNNY) started as Buy at SunTrust Robinson Humphreys.

ArcelorMittal (NYSE: MT) started as Buy at Jefferies.

ARM Holdings PLC (NASDAQ: ARMH) cut to Sell at Deutsche Bank (Monday overseas call).

AutoZone Inc. (NYSE: AZO) maintained Buy but removed from Conviction Buy List at Goldman Sachs.

Banco Santander S.A. (NYSE: SAN) cut to Hold at ING (Monday overseas call).

Facebook Inc. (NASDAQ: FB) maintained Overweight but target cut to $30 from $45 at JPMorgan.

GameStop Corp. (NYSE: GME) raised to Buy at Goldman Sachs.

Ingersoll-Rand PLC (NYSE: IR) cut to Neutral at BofA/ML.

International Business Machines Corp. (NYSE: IBM) raised to Overweight with $240 price target at Barclays.

Manchester United PLC (NYSE: MANU) initiated after quiet period and started as the following: Neutral at BofA/ML, Outperform at Credit Suisse, Buy at Deutsche Bank, Buy at Jefferies and Neutral at Nomura.

Marvell Technology Group Ltd. (NASDAQ: MRVL) raised to Neutral at Nomura.

News Corp. (NASDAQ: NWSA) raised to Overweight at Barclays.

Northern Tier Energy L.P. (NYSE: NTI) started as Outperform at Credit Suisse and started as Buy at Goldman Sachs.

NYSE Euronext Inc. (NYSE: NYX) raised to Outperform at KBW.

TiVo Inc. (NASDAQ: TIVO) raised to Overweight with $13 target at JPMorgan.

Vodafone Group PLC (NASDAQ: VOD) Cut to Market Perform at Bernstein.

J.P. Morgan Chase & Co. (NYSE: JPM) has made a rival coverage switch. The firm lowered the rating for Goldman Sachs Group Inc. (NYSE: GS) to Underweight from Neutral, while it has raised Morgan Stanley (NYSE: MS) to Overweight from Neutral. Barclays PLC (NYSE: BCS) was cut to Neutral at JPMorgan.

Canaccord Genuity noted that Apple Inc. (NASDAQ: AAPL) is seeing soft iPhone 4S sales but it sees strong pent-up demand for iPhone 5. The firm also said that Research In Motion Ltd. (NASDAQ: RIMM) weakness persists as channel checks indicate weak BlackBerry sales and the firm maintained below-consensus estimates.

JON C. OGG

Top Analyst Upgrades and Downgrades (AMZN, BNNY, ADSK, BBY, BMRN, BRCD, LLY, FNF, GTIV, THS)

Jon C. Ogg — Mon, 27 Aug 2012 12:19:21 +0000

These are the top analyst calls of upgrades, downgrades and initiations we have seen from Wall St. research calls this Monday morning.

Amazon.com Inc. (NASDAQ: AMZN) reiterated Buy with $264 target at BofA/ML.

Annie’s Inc. (NYSE: BNNY) reinstated as Outperform with $48 target at Credit Suisse.

Autodesk Corp. (NASDAQ: ADSK) cut to Hold at Argus.

Best Buy Co. (NYSE: BBY) named Bear of the Day at Zacks.

BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) cut to Hold at Deutsche Bank.

Brocade Communications Systems Inc. (NASDAQ: BRCD) maintained Buy with $7 target at BofA/ML.

Eli Lilly Co. (NYSE: LLY) raised to Outperform with $53 target at Credit Suisse.

Fidelity National Financial (NYSE: FNF) named Value Stock of the Day at Zacks.

Gentiva Health Services Inc. (NASDAQ: GTIV) named Bull of the Day at Zacks.

Treehouse Foods Inc. (NYSE: THS) raised to Buy at Citigroup.

As you can see, there are fewer calls than on most trading days. With this being the week ahead of Labor Day, we would expect that trend to remain in place between now and next Tuesday.

JON C. OGG

Week 35 (8/27/12)

antichartjunk — Mon, 27 Aug 2012 02:52:33 +0000

Buy or Sell: Buy

Long Into Week 35 – AAPL, ACOM, CYNO, ESRX, FLT, FRAN, GOOG, ITB, KORS, LEN, LULU, PETM, REGN, TFM

Add to watchlist as initial or secondary pivots:

ACOM – 33.43 to 35.10

ALLT – 28.18 to 29.59

ANCX - 14.37 to 15.09 (thinly traded stock = higher risk)

CALL – 22.90 to 24.05

CBST – 45.05 to 47.30

CFNL – 12.41 to 13.03 (thinly traded stock)

CYBX – 46.15 to 48.46

DHI – 18.68 to 19.62

DVA – 100.62 to 105.65

ESRX – 59.60 to 62.58

FIRE – 51.79 to 54.38

FLT – 41.40 to 43.47

GOOG – 658.61 to 691.54

HBNC – 27.60 to 28.98 (thinly traded stock)

HOMB – 31.78 to 33.37 (thinly traded stock)

IACI – 53.85 to 56.54

INXN – 19.10 to 20.06

IPXL – 23.33 to 24.50

LEN – 32.00 to 33.60

LNKD – 113.10 to 118.76

LULU – 62.33 to 65.45

PETM – 70.07 to 73.57

PZZA – 50.55 to 53.08

RAX – 57.22 to 60.08

REGN – 142.06 to 149.16

ROST – 70.14 to 73.65

SNI – 57.85 to 60.74

TDC – 73.84 to 77.53

TDG – 136.44 to 143.26

TNGO – 22.17 to 23.28

ULTA – 98.52 to 103.45

V – 125.45 to 131.72

WFM – 96.08 to 100.88

Add to watchlist as secondary pivots only (or higher risk initial pivots):

ACOM – bounce from 50-day

ALXN – bounce from 50-day

AMT – bounce from 50-day

BNNY – bounce from 50-day

CF – bounce from 50-day

CYBX – bounce from 50-day

DVA – bounce from 50-day

HMSY – bounce from 50-day

MA – bounce from 50-day

NSM – bounce from 50-day

PRLB – bounce from 50-day

TCBI – 44.70

Follow me on Twitter @antichartjunk

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Week 34 (8/20/12)

antichartjunk — Mon, 20 Aug 2012 07:14:34 +0000

Buy or Sell: Buy

Long Into Week 34 – AAPL, CF, CYNO, FLT, FRAN, KORS, PETM, ROST, TFM

Add to watchlist as initial or secondary pivots:

AAPL – 619.97 to 650.97

ACOM – 33.43 to 35.10

ALLT – 28.37 to 29.79

ANCX – 13.93 to 14.63 (thinly traded stock = higher risk)

CBST – 45.05 to 47.30

CF – 208.43 to 218.85

CYNO – 25.22 to 26.48

DHI – 18.68 to 19.62

DVA – 100.62 to 105.65

ESRX – 59.60 to 62.58

FIRE – 51.79 to 54.38

FLT – 41.40 to 43.47

FRAN – 32.69 to 34.33

HBNC – 27.60 to 28.98 (thinly traded stock)

HIBB – 62.03 to 65.13

HMSY – 34.93 to 36.68

IACI – 53.85 to 56.54

INXN – 19.10 to 20.06

IPXL – 23.33 to 24.50

LEN – 32.00 to 33.60

KORS – 49.60 to 52.08

PETM – 70.07 to 73.57

PZZA – 50.55 to 53.08

ROST – 70.14 to 73.65

SNI – 57.85 to 60.74

TDC – 73.84 to 77.53

TDG – 136.44 to 143.26

TFM – 57.96 to 60.86

TNGO – 22.17 to 23.28

ULTA – 98.52 to 103.45

V – 125.45 to 131.72

WPI – 81.10 to 85.16

Add to watchlist as secondary pivots only:

ALXN – bounce from 50-day

AMT – bounce from 50-day

BNNY – bounce from 50-day

CYBX – bounce from 50-day

DVA – bounce from 50-day

MA – bounce from 50-day

PRLB – bounce from 50-day

TCBI – 44.70

TJX – 45.49

Follow me on Twitter @antichartjunk

Follow me on StockTwits @antichartjunk

Week 33 - Day 3 (8/13/12)

antichartjunk — Wed, 15 Aug 2012 00:52:16 +0000

Buy or Sell: Buy

Long Into Week 33 – AAPL, CF, ROST, TFM

Add to watchlist as initial or secondary pivots:

AAPL – 619.97 to 650.97

ACOM – 33.43 to 35.10

ANCX – 13.93 to 14.63 (thinly traded stock = higher risk)

CBST – 45.05 to 47.30

CF – 203.43 to 213.60, 208.43 to 218.85

CYNO – 25.22 to 26.48

DHI – 18.68 to 19.62

ESRX – 59.60 to 62.58

FLT – 41.40 to 43.47

FRAN – 32.69 to 34.33

HIBB – 62.03 to 65.13

HMSY – 34.93 to 36.68

IACI – 53.85 to 56.54

INXN – 19.10 to 20.06

IPXL – 23.33 to 24.50

LEN – 32.00 to 33.60

PZZA – 50.55 to 53.08

ROST – 70.14 to 73.65

SNI – 57.85 to 60.74

TFM – 57.96 to 60.86

V – 125.45 to 131.72

Add to watchlist as secondary pivots only:

AMT – bounce from 50-day

ANCX – bounce from 50-day (thinly traded stock = higher risk)

BNNY – bounce from 50-day

CYBX – bounce from 50-day

DG – bounce from 50-day

LNKD – bounce from 50-day

MA – bounce from 50-day

PRLB – bounce from 50-day

PRGO – 117.56, bounce from 50-day

PZZA – bounce from 50-day

ROST – bounce from 50-day

TJX – 45.49, bounce from 50-day

Follow me on Twitter @antichartjunk

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Top Analyst Upgrades & Downgrades (AIG, ANGI, BNNY, ABX, CIEN, GNOM, GES, HL, HOG, LNKD, LULU, NEM, NOK, PAAS, RIMM, SNP, WYNN)

Jon C. Ogg — Wed, 30 May 2012 12:23:49 +0000

These are some of the top analyst upgrades, downgrades and initiations seen in Wall Street research calls this Wednesday.

American International Group (NYSE: AIG) Raised to Buy at Sandler O’Neill.

Angie’s List (NASDAQ: ANGI) Raised to Buy at BofA/ML.

Annie’s, Inc. (NYSE: BNNY) Maintained Hold with $40 target at Canaccord Genuity.

Barrick Gold Corporation (NYSE: ABX) Started as Neutral at Stern Agee.

Ciena Corporation (NASDAQ: CIEN) Started as Buy at Needham.

Complete Genomics, Inc. (NASDAQ: GNOM) Cut to Market Perform at Wells Fargo.

Guess? Inc. (NYSE: GES) named Bear of the Day at Zacks.

Hecla Mining Co. (NYSE: HL) Started as Neutral at Stern Agee.

Harley-Davidson, Inc. (NYSE: HOG) named Bull of the Day at Zacks.

LinkedIn Corporation (NYSE: LNKD) Raised to Buy at Citigroup.

Lululemon Athletica (NASDAQ: LULU) Started as Outperform at Wedbush.

Newmont Mining (NYSE: NEM) Started as Buy at Stern Agee.

Nokia Corporation (NYSE: NOK) Cut to Sell at MKM.

Pan American Silver Corp. (NASDAQ: PAAS) Started as Neutral at Stern Agee.

Research in Motion Ltd. (NASDAQ: RIMM) Raised to Market Perform at JMP Securities; maintained Hold with $10 target at Canaccord Genuity.

Sinopec (NYSE: SNP) Raised to Neutral at Credit Suisse.

Wynn Resorts Ltd. (NASDAQ: WYNN) Raised to Buy at Goldman Sachs.

Apple was named Bull of the Day at Zacks on Tuesday when so many investors were still out on holiday.

If you enjoyed the top analyst upgrades and downgrades, you can join our free email newsletter that includes analyst summaries each morning sent right to your inbox. We also cover top issues such as IPOs, special financial exclusives, mergers and more. Sign up in the box below.

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JON C. OGG

Top Analyst Upgrades & Downgrades (BNNY, CAB, CCL, CTRN, DPS, FSLR, ILMN, LEAP, NWL, PEP, PG, TWX, WDC)

Jon C. Ogg — Mon, 07 May 2012 12:32:52 +0000

These are some of the top analyst upgrades, downgrades and initiations seen in Wall Street research calls this Monday.

Annie’s, Inc. (NYSE: BNNY) Started as Overweight at JPMorgan; Started as Outperform at William Blair.

Cabela’s, Inc. (NYSE: CAB) named Bull of the Day at Zacks.

Carnival Corporation (NYSE: CCL) Cut to Neutral at Goldman Sachs.

Citi Trends, Inc. (NASDAQ: CTRN) named Bear of the Day at Zacks.

Dr. Pepper Snapple (NYSE: DPS) Raised to Equal-weight at Morgan Stanley.

First Solar, Inc. (NASDAQ: FSLR) Cut to Hold at Argus.

Illumina Inc. (NASDAQ: ILMN) Raised to Outperform and $55 target at Credit Suisse.

Leap Wireless International Inc. (NASDAQ: LEAP) Raised to Neutral at Piper Jaffray.

Newell Rubbermaid Inc. (NYSE: NWL) Raised to Outperform at Oppenheimer.

Pepsico (NYSE: PEP) Raised to Overweight at Morgan Stanley.

Procter & Gamble (NYSE: PG) Cut to Market Perform at Wells Fargo.

Time Warner Inc. (NYSE: TWX) Reiterated Buy with $46 target at Argus.

Western Digital Corporation (NYSE: WDC) named Value stock of the day at Zacks.

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JON C. OGG

Despite Some Problems, This Is One Hot IPO Market (BNNY, MM, GRPN, GWRE, BCOV, DWRE, GRPN, RPAI, NRKM)

Jon C. Ogg — Mon, 02 Apr 2012 18:03:58 +0000

If you were not sure about the IPO market being hot, you better take note. PWC has issued its first quarter review and the market is hot. Last week had about ten offerings in the most IPO week in some time. Annie’s, Inc. (NYSE: BNNY) scored a near double-digit gain from its IPO price after the organic foods company went from hot to scorching. Millennial Media Inc. (NYSE: MM) was briefly trading at a 100% gain last week from its $13 pricing for its mobile advertising platform. Other key IPOs are still way up from their offering price as well.

Guidewire Software, Inc. (NYSE: GWRE) came public in January of this year and is leading the gainers with a $13 IPO price and shares are now almost at $30 after seeing s $38 high print. Brightcove, Inc. (NASDAQ: BCOV) provides cloud-based solutions for publishing and distributing professional digital media and its shares are still up over 100% from its $11.00 IPO price. Even Demandware, Inc. (NYSE: DWRE) is up almost 90% from its $16.00 for its software-as-a-service e-commerce solutions.

Groupon, Inc. (NASDAQ: GRPN) may have taken out some sizzle from several issues today, but the numbers speak for themselves and we had been very cautious on the Groupon offering based upon valuation and some metrics inside the offering. The second quarter IPO numbers are likely to be very skewed due to the coming Facebook IPO, but here are some stats from the first quarter alone to show just how much this market has grown in the U.S.:

44 IPOs raised $5.8 billion in proceeds, up 33% from the 33 pricings in the first quarter of 2011.
The trend towards smaller IPOs seems to he helping the demand and the results as the average IPO size was down by 67% to $131 million from $395 million in the first quarter of 2011.
The VIX measuring overall market volatility fell by 40% from the second half of 2011; lows seen were in March and had not been seen since June 2007.
Technology had 13 and tech rules in IPOs for investors, while industrial and financial services each had 9 IPOs.
Some 36 of the 44 IPOs were backed by financial sponsors.

What is interesting is that all of the hot IPO activity appears to be in the United States. It seems ironic that one of the world’s most mature markets is outpacing the emerging and largely developed markets. Still, we all read the international headlines and that is weighing on overseas opportunities for such offerings.

Two IPOs we will be watching this week are the $350 million offering from Retail Properties of America (ticker will be RPAI) as the third largest shopping center REIT in America, followed by a $130 million or so offering from Enerkem (ticker will be NRKM) which converts municipal waste into cellulosic ethanol in North America.

Private equity backers have now even filed to bring Michael’s Stores public in a $500 million IPO again. Stay tuned, Facebook will make the second quarter likely look massive compared to other quarters.

24/7 Wall St. would like to propose one issue with the SEC and also with the NYSE Euronext, Inc. (NYSE: NYX) and NASDAQ OMX Group Inc. (NASDAQ: NDAQ): Would it be too much to ask for NYSE to go back to Three-letter and under and making NASDAQ-listed shares have Four-letter tickers again?

JON C. OGG

Is the IPO Market Getting Too Hot? (MM, BNNY, LNKD, PRSS, FPX)

Jon C. Ogg — Thu, 29 Mar 2012 18:13:57 +0000

Millennial Media, Inc. (NYSE: MM) has just become the king of IPOs in 2012. It was not even in our own Top 17 IPOs To Watch in 2012. After selling 10.2 million shares at $13.00 per share, the stock is trading above $24.00 per share and it hit $27.90 at the peak of today’s trading. With almost two hours to go, this stock has traded more than 14.5 million shares.

Millennial runs advertising technology for mobile apps and the cloud and mobile space keeps driving interest. After all, how many IPOs literally double in a day? To make this even more impressive it should be remembered that the $13.00 per share price was at the top of its expected price range.

The offering was led by Morgan Stanley, Goldman Sachs and Barclays Capital. Needless to say, that 1.53 million share overallotment option was certainly exercised. Seeing a gain of 100% and a turnover of more than 100% on the debut day stands out as a positive in any market.

The move followed a shocking IPO from yesterday in Annie’s, Inc. (NYSE: BNNY) which was holding the record for the best IPO since LinkedIn Corporation (NYSE: LNKD) came public last year. Annie’s is an organic and natural foods company, so it is not exactly a cloud or mobile play.

Even CafePress, Inc. (NASDAQ: PRSS) is up almost 8% at $20.43 on the day but it traded as high as $22.68 on the day.

It is a bit surprising, but the First Trust US IPO Index (NYSE: FPX) has hardly budged and volume is miniscule.

There is something very obvious happening here. It is getting easier and easier to come public again.

JON C. OGG

Media Digest (3/29/2012) Reuters, WSJ, NYT, FT, Bloomberg

Douglas A. McIntyre — Thu, 29 Mar 2012 10:30:49 +0000

The heads of the BRIC nations say the pace of IMF-led reforms concerns them. (Reuters)

Facebook cuts trading of its stock in the secondary markets. (Reuters)

The board of Goldman Sachs (NYSE: GS) continues to consider splitting the roles of CEO and chairman. (Reuters)

Investors want drillers in North Dakota to say how much gas they burn off — a costly practice. (Reuters)

Tim Cook of Apple (NASDAQ: AAPL) visits the Foxconn plant that builds its products in China. (Reuters)

The CEO of investment firm Third Point will continue to fight the Yahoo! (NASDAQ: YHOO) board for power. (Reuters)

As Iran’s oil exports fall, fears of higher oil prices rise. (WSJ)

Roche increases its offer for Illumina (NASDAQ: ILMN) to $51 from $44.50. (WSJ)

Tokyo Electric Power says it will need $12 billion in new funds. (WSJ)

Nokia (NYSE: NOK) to sell its highest end phone in China. (WSJ)

The Obama Administration approves new drilling projects in Alaska and the Atlantic. (WSJ)

The U.S. may give Chinese firms more access to high-tech products and services. (WSJ)

France is in talks with the International Energy Agency about releasing of some of its strategic oil reserves. (WSJ)

When Research In Motion (NASDAQ: RIMM) reports earnings, the effects of the new CEO will be on stage. (WSJ)

Chrysler begins to aggressively market its Jeep brand overseas. (WSJ)

News Corp. (NASDAQ: NWSA) may launch a competitor to Walt Disney’s (NYSE: DIS) ESPN. (WSJ)

Shares of natural-food company Annie’s (NYSE: BNNY) jump almost 90% after its IPO. (WSJ)

The new iPad may work poorly with 4G networks outside the U.S. (WSJ)

Facebook’s initial public offering probably will happen in May. (WSJ)

Concerns grow that Portugal will share Greece’s fate. (WSJ)

Bearish bets on Spain’s bonds become more persistent. (WSJ)

Media company Bertelsmann may have an IPO. (NYT)

The European Central Bank reports that low interest rate capital has not encouraged banks in the region to lend. (NYT)

EU governments may raise bailout funds to $1.3 trillion, at least for the next year. (FT)

S&P reports that Greece may have to restructure its debt again. (Bloomberg)

Workers to stage a huge, nationwide strike in Spain to protest austerity measures. (Bloomberg)

Douglas A. McIntyre

Annie's... Anatomy of a Hot IPO (BNNY)

Jon C. Ogg — Wed, 28 Mar 2012 14:30:42 +0000

Annie’s Inc (NYSE: BNNY) was already going to be a hot IPO, but somehow this one went up, up, and away in the category of “hot IPOs” in its debut. After two price hikes to the IPO range, this organic foods company saw its shares rise more than 60% in its debut.

The organic food products company saw its shares rise to over $32.00 after a $19.000 share price. Part of the issue is that only 5 million shares were sold in the IPO and that came to a gross amount of $95 million shares.

Earlier this week the range was raised to $16 to $18 from a prior range of $14 to $16. The $19 price was impressive as is, but $32.00 in the after-market is almost astounding. You can bet that the overallotment option was already exercised by the lead underwriters of J.P. Morgan and Credit Suisse.

Annie’s revenue rose 23% in 2011 to $117.6 million, while its earnings rose over 200% to about $20.2 million.

At 10:26 AM EST we have seen 3.8 million shares trade hands and the last price was now north of $32.00.

JON C. OGG