TLLP highly dilutive 8.5 million share secondary priced at $ 45, a significant premium to $ 41.91 share price. Stock technical's are weak and deteriorating, trading below 20 and 50 day SMA, 5/13 day EMA, and MACD is trending lower on higher volume, implying downside conviction. This secondary may be significantly mispriced.
Published price indications listed by underwriters to their clients, at the time I wrote the commentary mid day Tuesday, was $ 45. Brokers and Tesoro management obviously looked at the market reaction to their proposed pricing and revised it downward to $ 41.70. IMO this is a reasonable price.