Weatherford's stock soars after cancelling stock, convertible debt offering

Discussion in 'Market News' started by sniper-academy, Sep 22, 2015.

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  1. sniper-academy

    sniper-academy Administrator Staff Member

    Sep 30, 2011
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    Weatherford International Ltd.'s stock soared 15% in premarket trade Tuesday, after the oilfield service company announced late Monday that it was cancelling the share and convertible debt offering announced earlier that day. The stock had plunged 17% on Monday, the eighth-biggest one-day decline in 43 years it has been publicly traded, according to FactSet, and the biggest drop since December 2008, after the company said at 8:25 a.m. Eastern that it was selling $1 billion worth of common shares and convertible debt. About 14 hours later, Weatherford issued a release said it decided not to pursue the public offerings. "While investor interest was strong for this offering, we are unwilling to sell securities at prices that do not reflect the value we have created at Weatherford," the company said in a statement. At current premarket prices, the stock still has to rise another 5% to make up what it lost on Monday. The stock had tumbled 37% over the past three months through Monday, while the S&P 500 had lost 7.3%.
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