This morning RBC Capital Markets downgraded shares of Coeur d'Alene Mines (NYSE:CDE) from Sector Perform to Underperform and set a price target of $21 per share.
News of the downgrade is driving shares lower in midday trading, currently down more than seven percent.
Sonic Automotive (NYSE:SAH) announced a public offering of Class A common stock and convertible senior notes. The company intends to offer approximately 9 million shares of its Class A common stock and approximately $125 million aggregate principal amount of convertible senior notes due 2029.
Following the news, investors are selling Sonic shares today, driving the stock price down more than seven and a half percent.
And another company's stock trading lower on news of an offering is Mueller Water Products (NYSE:MWA). The company announced a public offering of 27.5 million shares of its Series A common stock. The company intends to use the net proceeds from the offering to repay a portion of indebtedness outstanding under its credit agreement.
Bank of America / Merrill Lynch and Goldman Sachs will act as joint book-running managers of the equity offering.
Mueller shares are down more than four percent this afternoon.
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