By most accounts, the nation's electricity grid needs a serious upgrade. The country has been pummeled with that message for years. Even President Obama took up the call, providing billions in funds to upgrade the grid through the economic stimulus package.
So that might have been on the mind of a "Mad Money" viewer last night when he asked Jim Cramer about the best way to play this move to a better grid.
Cramer's answers were
. Both are electricity infrastructure specialists that have performed well since the beginning of the year. MasTec is up 4.7% since the beginning of the year, while Quantas is up 26.7%.
This week, MasTec completed a move to shore up its balance sheet. On Monday, the Coral Gables outfit closed a $100 million convertible note offering. Underwriters also exercised another $15 million for overallotment.
At the same time, MasTec closed on a secondary offering with shares coming from one of its largest shareholders. Jon Wanzek, who sold 5.175 million MasTec shares in an offering priced at $12.125 per share. The total shares also included overallotment for underwriters.
Wanzek received 7.5 million shares from MasTec when his company, Wanzek Construction, was bought by MasTec in 2008. MasTec said part of the proceeds from the notes was used to redeem at par another $55 million in notes originally issued to Wanzek and others as part of the 2008 acquisition.
Because of the moves, MasTec said liquidity will increase for the company by another $40 million.
MasTec's share price finished the day in negative territory, down 25 cents down to $12.12.
For Quantas Services,
Standard & Poor's
said last week it will add the Houston-based concern to its renowned S&P 500 list. In the process, S&P said it will drop
. Because it's moving its home base of operations to Ireland, Ingersoll-Rand will be made ineligible for the list.
also initiated a rating on Quanta Services last week, entering the fray with a buy rating.
Today, Quantas Services shares were changing hands in the red, down 16 cents to $25.25 at the closing bell.
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