Western Refining (NYSE:WNR) priced its offerings of common stock and convertible senior notes. The company increased the size of the common stock offering from 14 million to 20 million shares, and priced the offering at 9 dollars per share. The convertible senior notes bear interest at 11 and a half percent, and the conversion price is approximately 10 dollars and 80 cents per share, a 20% premium to the common stock offering price. The company will use the proceeds to repay borrowings under its credit facility. Shares were off nearly 8% Friday morning.
Energy technology company Exide Technologies (NASDAQ:XIDE) said it lost 85 cents per share, as compared to earnings of 80 cents per share in the same quarter last year. Net sales tumbled 35% from the prior year quarter. The company said it is undertaking restructuring initiatives which are expected to save 70 million dollars annually. Exide shares fell over 18% in early trading Friday.
Cascade Corporation (NYSE:CAE) posted a loss of a dollar 12 per share, after net sales dropped 49% from the same quarter last year. Results were impacted by restructuring costs, primarily as a result of the closure of the company's fork manufacturing facility in France. Cascade shares are nearly 16% lower Friday morning.
MarkWest Energy Partners (NYSE:MWE) priced an offering of 2.9 million common units, at 18 dollars and 15 cents each. MarkWest will use the proceeds to pay down its credit facility, and to partially fund its growth capital budget. Morgan Stanley (NYSE:MS) acted as the sole book-running manager for the offering. MarkWest shares were down about 8% early Friday.
Cal Dive International (NYSE:DVR) announced the pricing of a secondary offering of 20 million shares of Cal Dive stock by Helix Energy (NYSE:HLX), at 8 dollars and 50 cents per share. Cal Dive is purchasing and retiring approximately 1.6 million shares directly from Helix. Cal Dive shares were trading just over 7% lower Friday morning.
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.
VF has been a blessing to me and my family. 
Launch related slideshow:
Wednesday 5/22 Insider Buying Report: SBY, CUBI
Wednesday 5/22 Insider Buying Report: CHK
Tuesday 5/21 Insider Buying Report: APA, AIG
Daily Wrap: May 22, 2013
Lowe's Misses in Q1; Maintains Full-Year Guidance
Target Shares Slip Following Revised Guidance
Analyst Moves: NTAP, MDC, PXD
Analyst Moves: WETF, TJX, TDW
Analyst Moves: AZO, MDT, T
Wednesday Sector Leaders: Homebuilders, Precious Metals
Wednesday Sector Laggards: Education & Training Services, Shipping Stocks
Tuesday Sector Leaders: Shipping, Education & Training Services
Wednesday's ETF with Unusual Volume: PBD
Wednesday's ETF Movers: AXFN, ICLN
GLD, JUNR: Big ETF Outflows
Daily Dividend Report: NTAP, ADI, BBY, TAP, CHSP
Daily Dividend Report: APA, KRFT, INTU, OMC, MTB
Daily Dividend Report: XRX, DGX, DKS, UVV, AWR
Initial Jobless Claims Jump by 32k
Jobless Claims Fall to Five Year Low
Hiring Picture Improves In April
Weekly Market Wrap: May 17, 2013
Weekly Market Wrap: May 10, 2013
Weekly Market Wrap: May 3, 2013
Week Ahead Market Report: May 13, 2013
Week Ahead Market Report: May 6, 2013
Week Ahead Market Report: April 29, 2013