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By Market News Video Staff, Monday, November 29, 11:33 AM ET
Stillwater Mining Company (NYSE:SWC) shares are falling today after it announced a secondary offering a total of nearly 45 million shares of common stock by majority shareholder Norimet Limited.
If the offering is successful, Norimet’s ownership of Stillwater will be less than 10%, or reduced to zero if the underwriters purchase additional shares to cover over-allotments.
Stillwater is the only U.S. producer of palladium and platinum.
Shares are trading down 6% Monday.
Stillwater is among the top ten holdings in the SPDR S&P Metals & Mining ETF (AMEX:XME), at 4.31% of the portfolio.
Top stock Massey Energy (MEE) us 5.23% of the fund, followed by Hecla Mining (NYSE:HL), at 5.09%, Walter Energy (NYSE:WLT), at 4.64%, and Patriot Coal (PCX), at 4.62%.
This Article's Word Cloud:AMEXCoalEnergyHeclaLimitedMasseyMetalsMiningMondayNYSENorimetPatriotSPDRSharesStillwaterWalteradditionalafterallotmentsamongannouncedcommondownfallingfollowedfundholdingslessmajoritymillionnearlyofferingonlyoverownershippalladiumplatinumproducerpurchasereducedsecondaryshareholdersharesstockthantodaytradingunderwriterswillzero
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