JCP 增发的股票有下落了# Stock
l*m
1 楼
高盛用自己的钱买了84 million JCP的股票，买入价是9.36，卖出价是9.65
，而且高盛已经找到买家了。如果买家不是高盛自己（谣传说GS在高价位卖空了JCP）
或其他卖空了JCP的对冲基金，高盛相当于给JCP坐庄，通常高盛会设法让从它手里买股
票的机构以更高价钱出货。
J.C. Penney Co. sold Goldman Sachs Group Inc. 84 million shares for $9.36
apiece to raise $786.2 million before expenses in last week's equity sale,
the retailer disclosed in a regulatory filing.
Goldman, in its role as J.C. Penney's underwriter, agreed to buy the entire
equity slug and re-offered it overnight to fund managers between Thursday
and Friday's trading sessions for $9.65 a share. Monday's filing made the
price the investment bank paid public for the first time.
J.C. Penney's stock has struggled since the deal, falling 8.8% from the
offer price to close at a 13-year low of $8.80 Monday. The deal was set to
increase the department-store operator's share count by as much as 44%,
diluting investors who already held the stock.
The stock action gave little window for investors who bought shares in the
deal to flip them for a quick profit. About 20 million J.C. Penney shares
have changed hands for $9.65 or higher since the start of Friday's premarket
trading, according to FactSet data. Penney's stock traded at a volume-
weighted average price of $9.36 Friday and $8.89 Monday, FactSet data show.
The low price underlines the risks banks and investors face when
participating in equity sales run as so-called block trades, which account
for about one-fifth of U.S. equity capital markets issuance, according to
Dealogic. Firms managing such offerings hope to sell the shares for more
than they bought them, pocketing the difference as fees. In traditional
equity sales, by contrast, the bank arranges buyers but doesn't buy shares
itself.
In this case, Goldman used its balance sheet to buy $786.2 million worth of
stock, and unloaded shares for about 3% more than what it paid.
On average, banks running block trades for U.S.-listed companies this year
have re-sold shares for about 1.4% more than they paid the issuer, according
to market data and intelligence firm Ipreo.
If bankers can't immediately place all of the stock in a block trade with
investors, they continue to own the shares and all the risk that goes with
them. Even if they can immediately place all of the stock, a sour deal can
resonate poorly with investors if the shares fall afterward.
People familiar with the matter said Goldman had enough orders for J.C.
Penney shares to place the entire deal with investors. A Goldman Sachs
spokesman declined to comment on whether the deal left the bank owning the
stock.
，而且高盛已经找到买家了。如果买家不是高盛自己（谣传说GS在高价位卖空了JCP）
或其他卖空了JCP的对冲基金，高盛相当于给JCP坐庄，通常高盛会设法让从它手里买股
票的机构以更高价钱出货。
J.C. Penney Co. sold Goldman Sachs Group Inc. 84 million shares for $9.36
apiece to raise $786.2 million before expenses in last week's equity sale,
the retailer disclosed in a regulatory filing.
Goldman, in its role as J.C. Penney's underwriter, agreed to buy the entire
equity slug and re-offered it overnight to fund managers between Thursday
and Friday's trading sessions for $9.65 a share. Monday's filing made the
price the investment bank paid public for the first time.
J.C. Penney's stock has struggled since the deal, falling 8.8% from the
offer price to close at a 13-year low of $8.80 Monday. The deal was set to
increase the department-store operator's share count by as much as 44%,
diluting investors who already held the stock.
The stock action gave little window for investors who bought shares in the
deal to flip them for a quick profit. About 20 million J.C. Penney shares
have changed hands for $9.65 or higher since the start of Friday's premarket
trading, according to FactSet data. Penney's stock traded at a volume-
weighted average price of $9.36 Friday and $8.89 Monday, FactSet data show.
The low price underlines the risks banks and investors face when
participating in equity sales run as so-called block trades, which account
for about one-fifth of U.S. equity capital markets issuance, according to
Dealogic. Firms managing such offerings hope to sell the shares for more
than they bought them, pocketing the difference as fees. In traditional
equity sales, by contrast, the bank arranges buyers but doesn't buy shares
itself.
In this case, Goldman used its balance sheet to buy $786.2 million worth of
stock, and unloaded shares for about 3% more than what it paid.
On average, banks running block trades for U.S.-listed companies this year
have re-sold shares for about 1.4% more than they paid the issuer, according
to market data and intelligence firm Ipreo.
If bankers can't immediately place all of the stock in a block trade with
investors, they continue to own the shares and all the risk that goes with
them. Even if they can immediately place all of the stock, a sour deal can
resonate poorly with investors if the shares fall afterward.
People familiar with the matter said Goldman had enough orders for J.C.
Penney shares to place the entire deal with investors. A Goldman Sachs
spokesman declined to comment on whether the deal left the bank owning the
stock.
