Petrohawk, Clorox Jump on Huge Buyouts

Advertisement

Here’s what’s hot in the market today: Petrohawk Energy saw massive trading following a bid from BP. Clorox saw similar action after Carl Icahn made a $10 billion play for the company. Genesis Energy, Spectrum Brands Holdings, and Two Harbors Investment all saw increased volume after pricing new common stock offerings.

Clorox (NYSE: CLX) rose almost 7% to top $73 on close to five times normal trading volume. Carl Icahn made a more than $10 billion bid for the bleach maker, an offer of $76.50 per share. That is a 15% premium to the price Icahn paid to take a 9% share in Clorox back in February.

Petrohawk Energy (NYSE: HK) skyrocketed following a $12 billion bid from BP (NYSE: BP). More than 165 million shares in the gas and oil company were exchanged, nearly 30 times the normal volume. BP is seeking Petrohawk’s shale fields, the rock formations with plentiful oil and gas supplies. Shares were trading above $38 as of this writing.

Genesis Energy (NYSE: GEL) dropped nearly 5% on more than 15 times normal trading. The oil partnership priced an offering of more than 7 million common stock shares at $26.30 on Friday morning. More than 2 million shares were exchanged by midday. GEL shares were trading just above $26.

Spectrum Brands Holdings (NYSE: SPB) fell more than 2% on close to 14 times average trading volume. The battery maker priced at $28 per share an offering of more than 6 million shares of common held by both Spectrum and Harbinger Capital Partners. Shares were trading just below $28.

Two Harbors Investment (NYSE: TWO), the real estate trust, fell nearly 3% to about $10.25 on more than 6 times average volume. An offering of 42,000,000 common stock shares was priced at above $10 per share this morning.

As of this writing, Anthony John Agnello did not own a position in any of the stocks named here. Follow him on Twitter at @ajohnagnello and become a fan of InvestorPlace on Facebook.

 


Article printed from InvestorPlace Media, https://investorplace.com/2011/07/petrohawk-clorox-buyouts-clx-hk-gel-spb-bp-two/.

©2024 InvestorPlace Media, LLC