General Electric Co. (NYSE: GE) has priced its massive secondary offering this morning of 547.8 million shares at a substantial discount of $22.25 per share. It has also given underwriters an overallotment option to buy 82.2 million shares.
Book-running managers are Banc of America, Citi, Deutsche Bank, GoldmanSachs, J.P. Morgan, and Morgan Stanley. The lead managers were listedas Barclays Capital, Credit Suisse, and UBS.
GE closed yesterday at $24.50 and its trading range yesterday was$21.65 to $25.75. Yesterday’s low was its 52-week low. Its 52-weekhigh is $42.11.
This is a tale called "Good News, Bad News" where you don’t know if thewinner lost or the one who lost actually won. The good news is that GEkeeps its "AAA" rating and is proving that companies can still raisecapital. The bad news is that this offering is at a large discount and sets thebar much lower for companies with less solid balance sheets.
We have an opening print of $22.83 for GE and on last look shares weretrading at $22.59 and almost 50 million shares have already traded in less than 10 minutes.
Jon C. Ogg
October 2, 2008
Cash Back Credit Cards Have Never Been This Good
Credit card companies are at war, handing out free rewards and benefits to win the best customers. A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges. See our top picks for the best credit cards today. You won’t want to miss some of these offers.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.