News Update: Teekay Shares Tank 8% on 8 Million Share Offering (TNK)

"Shares of Teekay Tankers (NYSE:TNK) sank 6% after hours and are indicated 8% lower this morning after the company announced plans to offer 8.2 million shares of its common stock in a public offering. Teekay plans to use the proceeds to repay a portion of its outstanding debt under its revolving credit facility.

The joint book running managers for the offering are Morgan Stanley, Deutsche Bank Securities and J.P. Morgan.

SmarTrend currently has Teekay Tankers in an Uptrend. Since 2008, SmarTrend subscribers trading Teekay Tankers using our alerts outperformed the stock by 132%. We are monitoring these developments and will alert subscribers to any change in trend.

Teekay Tankers is currently above its 50-day moving average (MA) of $12.86 and above its 200-day of $11.33. In the last five trading sessions, the 50-day MA has climbed 0.76% while the 200-day MA has risen 1.12%.
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