Banking, finance, and taxes
Capital One Sees What's In Market's Wallet (COF)
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Capital One Financial Corp. (NYSE: COF) has come out with two announcements after the close. It is reaffirming its 2008 financial targets, but it is also raising cash. Capital One hired Citigroup and J.P.Morgan as joint book-runners for a proposed public secondary offering of 14 million shares of its common stock, and it will grant the underwriters for the offering an overallotment option to purchase additional shares of common stock. Net proceeds from the offering will be used for general corporate purposes. As far as Capital One’s expectations, the following metrics are being offered:
Capital One closed down 1.3% at $53.72 today and its 52-week trading rangeis $30.82 to $73.55. Shares are down only marginally after the closeby 0.1% or so. If the company can hurry and close this financing inthe next day or two it will also be out ahead of its critics and shortsellers, who are barred from short selling shares of stock against them.
Jon C. Ogg
September 23, 2008
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