they should cancel the stock issuance till prices firm up. Give the people back their money.
somebody is dumping shares. 3.50 is a possibility. Maybe the institutional shareholders are dumping.
I can just see management say "whose bright idea was it to issue new shares".
Until the gov raises the debt limits, and the possiblity of default, stock should be heading down.
Even the blue hair ladies are questioning buying the new issuance.
Unless the purchaser's get a discount nobody should be touching this new issuance.
Really wrong time to be looking for new capital. You have to ask the question is why do they need it now. The track record, 12 a share to 5, is horrible.
Generally they would have put forth a game plan to get the stock price back up.
I thought it was going to hold at 6, until the new issuance came out. then I thought 5 would hold, now who knows.
The phones at Trust headquarters must be ringing off the wall. Imagine all the retired Trust and GE faithfuls who bought and held in their IRAs and retirement plans.
The multimillionairs at Trust are still doing well.
Hope their tax rates don't go up. Wouldn't be fair to have cut back on the private jet travel to Florida.