Zero Hedge: Vornado To Issue 12.5 Million Shares, Stock Gaps Up $2+ At Close Due To [Insert BS Reason Here]

Tuesday, April 21, 2009

Vornado To Issue 12.5 Million Shares, Stock Gaps Up $2+ At Close Due To [Insert BS Reason Here]

Posted by Tyler Durden at 5:20 PM

Not like this is even remotely surprising, but Zero Hegde will report on the reverse inquiry by whoever the underwriter is on this one (Goldman? Merrill? 50/50) with the main 5 holders.... who happen to be: Vanguard, Barclays Global, Fidelity, State Street and.... Cohen and Steers.

Indicatively, analyst ratings:

Sakwa (ML) - Neutral
Haberman (GS) - Neutral/Cautious

UPDATE: And the winner is Merrill Lynch!!!! (and JP Morgan).

Let's go Steve - the people demand an upgrade

Price talk for Wednesday morning pricing: $41 - $45. Don't worry, C&S has it covered.

And now - amateur stock manipulators - pay attention! This is how you end up $2 dollars in the last 5 nanoseconds of trading. Nothing like hitting your own massively out of the market bid from trading disbalance to misprice the official close and pretend the stock offering you are throwing together is a juicy $2 dollar discount... instead of a $0.20 premium...

For even more cynical and academic observers of the market, it might make sense to calculate how many times over the past 4 weeks the market has ripped into the close in the last 30 minutes of trading, squeezing the biggest short interest in the market, only to be greeted with a REIT share dilution by either Merrill Lynch, Goldman Sachs or JP Morgan.

Becauz in Soviet Russia, market manipulate you!