This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stock Offerings: Radian Group

NEW YORK ( TheStreet) -- Radian Shares (RDN - Get Report) fell sharply after the company became the latest mortgage insurer to announce capital-raising plans.

Radian Group said late Monday it will offer up to $550 million of common stock, and that underwriters will have the option to purchase up to an additional 15%, or $82.5 million, to cover overallotments. Net proceeds from the offering may be used for additional capital support for its mortgage insurance business and repurchases of, or payments on, its outstanding debt securities, Radian said.

The stock offering announcement came as Radian Group reported a first-quarter loss of $3.77 a share, which grew from a year-ago loss of $2.69 a share. Mortgage insurance provision for losses rose 64%, the company said.

Last month, both MGIC Investment (MTG) and The PMI Group (PMI) announced stock offerings after posting quarterly losses.

Radian Group shares were plummeting, down $1.61, or 11%, to $13.02. Volume totaled 1.74 million shares, compared to the three-month average daily volume 4.72 million.

Elsewhere, PhotoMedex (PHMD) priced an offering of 500,000 shares of common stock at $6 per share. Underwriters were granted a 45-day option to purchase an additional 75,000 shares to cover overallotments. Shares were sliding on the announcement, falling 7.6% to $6.10.

Pennsylvania Real Estate Investment Trust (PEI - Get Report) also lost ground on news of a stock offering. The company priced a 9 million common stock offering at $16.25 a share. Underwriters were granted a 30-day option to purchase an additional 1.35 million shares to cover overallotments. Net proceeds from the offering will be used to repay borrowings under the company's 2010 credit facility.

Pennsylvania REIT shares were off 5.9% to $16.33. Volume of 2.46 million shares was easily outpacing the three-month average daily volume of 537,000.

In a shelf registration with the Securities and Exchange Commission, Arena Pharmaceuticals (ARNA - Get Report) said it may offer up to $150 million in mixed securities from time to time. Shares of Arena were down 2.4% to $3.23.

Oxygen Biotherapeutics (OXBT) dropped 15.7% to $4.08 after the company said it will sell 1.72 million shares of common stock and warrants to purchase an additional 732,758 to certain institutional investors. The common shares and warrants are being offered in units, which consist of one common share and a warrant to purchase 0.425 share of common stock at a price of $2.90 per unit. The warrants have a term of five years and an exercise price of $5.32 per share.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
ARNA $2.06 -4.19%
FSS $14.25 -0.35%
FR $21.41 -0.79%
OXBT $3.71 1.71%
PHMD $0.46 6.41%


Chart of I:DJI
DOW 16,790.19 +13.76 0.08%
S&P 500 1,979.92 -7.13 -0.36%
NASDAQ 4,748.3610 -32.9030 -0.69%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs