This is what you need to read in news release.
"Synovus Financial Corp. on Friday priced a public offering of its stock at $3.09 per share.
The Columbus, Ga.-based regional bank said it plans to sell 59.9 million shares for $3.09 each. "
Current price is $3.21 and SNV if offering 60 million shares to public at $3.09
Where dod you think your stock price is headed. Down to $3.09 at least and probably lower.
It's call supply and demand. SNV is headed down, down, down.
Take your profits now and have lunch at jack-in-the-box, with a coupon.
Too many pucks to the head again, What makes you think that most, if not all, the shares are subscribed for? Have you no experience in offerings and market makers. I would agree that it is more likely that the price wont go up much from here, but it is just as likely that it wont go down (until the shares are absorbed). Go look up the word "premium" . It might help you understand what is going on.
Please do yourself a favor and go get an education before you continue making a fool of yourself.
They mightve sold everything today. 91 mil shares sold at 3.1 thats a turnover of about 280 mil worth of shares. We really are sorry that you shorted this stock, from the bottom of my heart.
But it is obvious, who the hell shorts financial stocks when it has been doing the best. I entered at 2.67, there were people like you that said now it is headed back to 1, so glad I didnt listen to youll.
And the underwriter does what with the shares, put it under his pillow at night so he can sleep so soundly. HE SELL THEM on the open market. Who would own Georgia bank stock right now anyway. Go to FDIC web site for failed banks. Count the number of Failed Georgia Banks. Georgia tops the list. Also the extra shares they issue is to pay the underwriter for handling the expenses of new share issues. Bank ain't got no money to pay them, just issue more certificates to pay them.
Also I don't own or short this stock. I own stock in TSS for 6 months and doing ok and of course would love for SNV to sell their 10% to competitor for takeover or back to TSS.
Looks like now they are just going to kick the problem down the road till next year and issue more stock again then. Unless TARP says PAY IN FULL NOW, but TARP is glad to see any payment from a Georgia Bank. I say SNV $2.80 by August 01,2013.
That offering is at the Thursday close, 7/18/2013. That offering at the time was just 3 cents from the 52 week high. Once it was annouced, it concurrently reached another 52 week high. Today it hit $3.30. I believe, and the facts today support it, that it was a good deal for all the longs longterm.