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By James Altucher
8:59 a.m. EDT Financial Marshall & Ilsley (MI) priced an 87-million-share secondary last night at $5.75. The stock had closed at $6.14. In the premarket, the stock is trading around $6. I'm short the stock and may cover or trim around the open to take gains. However, I do think the stock will trade lower from here and may even break the offering price. Last week Fifth Third (FITB - Get Report) priced at $6.33 and now trades at $8, after a GS upgrade, but this situation is different. Fifth Third's secondary was only 20% dilution. After the underwriter allotment, Marshall & Ilsley will suffer a little more than 30% dilution. While the company plans on using some funds raised to pay back TARP, their balance sheet and prospects still won't be as strong as FITB's. If stock hits $5, I might attempt a short-term long to play a snapback; like I said, I probably (against my gut instinct that it will go lower) will take some gains on the short at open. Short MI.