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Stock Offerings: Two Harbors

NEW YORK ( TheStreet) -- Two Harbors Investment (TWO - Get Report) surged in early trading Friday after the company cancelled a proposed stock offering, allaying fears of shareholder dilution.

Two Harbors Investment cancelled its proposed public offering of 14 million shares of common stock, having determined that the available share price "would result in an unacceptable dilution of book value to existing shareholders." Two Harbors initially filed the registration for the offering on March 18. Shares were surging on the news, up 53 cents, or 6.1%, to $9.28.

Curiously, Two Harbors shares traded below $9 per share for nearly all of Thursday's session before spiking in the last minutes of trading, finishing the day up 4.5% at $9.25.

Several companies that announced secondary offerings were jumping after announcing the offering price. STR Holdings (STRI) priced its offering of 7 million shares at $18.75. The offering, which is being done on behalf of certain stockholders, was announced Monday. STR Holdings will not receive any proceeds from the offering. Underwriters were granted the option to purchase up to an additional 1.05 million shares.

After falling as low as $18.50 on Monday, STR Holdings shares have bounced back and were lately up 7.5% to $20.48.

CF Industries (CF - Get Report) also gained ground after the fertilizer company said it will offer 11.23 million shares of common stock priced at $89 per share. Proceeds from the offering will be used to a $1.75 billion senior secured bridge facility used to fund the acquisition of Terra Industries, which closed Thursday. Underwriters were granted the option to purchase up to an additional 1.7 million shares to cover overallotments. CF Industries was up 2% to $91.77.

Alphatec Holdings (ATEC - Get Report) was also trading higher after the medical technology company said it will offer 16 million shares of common stock priced at $5 per share for net proceeds of $36.8 million. Half of the shares being offered are being sold by a selling shareholder. Underwriters were granted the option to purchase up to an additional 2.4 million shares to cover overallotments. After retreating at the open, Alphatec shares were lately rising 3% to $5.77.
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