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Sunoco Logistics Partners L.P. (NYSE: SXL) shares are trading lower by $1.56 (5 percent) at $27.60 in Tuesday's session. The catalyst for the decline is the announcement of a 21 million unit public offering at $27, a $2.16 discount to Monday's closing price of $29.16.
The offering comes at not too bad of a time for the issue, as it just had a nice rally over the last few months, coming off its August 2 low ($27.22) to as high as $31.39 on September 9.
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Interestingly, the offering price coincides with the low that day. The $27 level has also served as support going back to May.
On many occasions, an offering price can act as major support or resistance. Either the Street thinks the offering price is too high and it becomes resistance, or if the issue is fairly priced, the offering price will act as support.
In this instance, the Street or traders short the issue view the offering as being a fair price. As a result, the issue opened at $26.90, went only $0.02 lower before turning a little higher. At this time, it has continued to make new highs for the day, with the current one standing a $27.64.
In order to fill the void in price from Monday's session, it would need to reach $29.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.