BOSTON (TheStreet) -- Annaly Capital Management (NLY) - Get Report shares tumbled after the company announced a public offering of 60 million shares of common stock.

Annaly Capital

said it expects gross proceeds of roughly $1.1 billion from the public offering. Annaly has also granted underwriters a 30-day option to purchase up to an additional 9 million shares of common stock solely to cover overallotments.

Annaly expects to use the proceeds from the offering to purchase mortgage-backed securities for its investment portfolio and for general corporate purposes.

Shares of Annaly Capital slumped by 72 cents, or nearly 4%, to $17.54. More than 12.5 million shares changed hands about 30 minutes into Wednesday's trading session, compared to the average daily share volume of 12.9 million.

Elsewhere,

Magellan Midstream Partners

(MMP) - Get Report

shares slid nearly 3% after the petroleum products company priced a public offering of 5 million units offering at $46.65 per unit.

Magellan Midstream said net proceeds of approximately $225 million will be used to pay a portion of the purchase price for the pending acquisition of petroleum storage and pipeline assets from

BP

(BP) - Get Report

.

Shares of Magellan Midstream fell by $1.33, or 2.8%, to $46.91. Volume topped 1.42 million shares, well above the average daily share volume of 268,000.

Arcadia Resources

(KAD)

shares were trading flat after the health care services provider filed for a $25 million mixed shelf offering. The company called it a "proactive measure that will give Arcadia flexibility to access additional capital." The stock was unchanged at 46 cents.

In IPO news, coal miner

Oxford Resource Partners

(OXF)

priced its initial public offering of 8.75 million shares of common stock at $18.50 per share, at the low end of its projected range of $18 to $20. The stock, which began trading Wednesday under the ticker "OXF," was lately down to $18.03.

-- Written by Robert Holmes in Boston

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