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Fast Money

Second Look at Secondaries

It seems like the market is about to be flooded with secondaries again. Here are  just a few that we found:

E*Trade

The online broker raised $147 million of net proceeds through a common stock offering to shore up its capital base. The company, which has reported eight straight quarterly losses as delinquencies and charge-offs mounted, said it sold almost 80.23 million shares of common stock.

US Airways

The number 6 U.S. airline, said it planned to sell 26.3 million shares to the public. It did not disclose pricing, but such a sale would be worth about $138 million at the latest closing price.

Palm

The smartphone maker will offer 20 million common shares for $16.25 each, and expects net proceeds of about $313.1 million, according to a filing with the SEC on Wednesday.

What should you make of all these offerings?

I think it’s a sign of an improving credit market, muses Joe Terranova.

I expect more and more secondaries to come, adds Karen Finerman. It improves balance sheets and gives companies in desperate need of finance, such as the REITs, new life.

It makes me nervous, counters Pete Najarian. It could be a sign of a top.

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Trader disclosure: On Sept. 23rd, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova Owns (F); Terranova Owns (F) Calls And (F) Puts; Terranova Works For (VRTS); Najarian Owns (ACI) Call Spread; Najarian Owns (C) Calls; Najarian Owns (DELL) Call Spread; Najarian Owns (ERTS) Call Spread; Najarian Owns (GE) Calls; Najarian Owns (JPM) And Is Short (JPM) Calls; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (MSFT) And Is Short (MSFT) Calls; Najarian Owns (PALM) Calls; Najarian Owns (ORCL); Najarian Owns (TEVA); Najarian Owns (V) And (V) Calls; Najarian Owns (WFC) Put Spread; Najarian Owns (YHOO) Call Spread; Finerman's Firm Owns (MSFT), (NOK), (PBR), (WMT), (RIG), (TGT), (BDX); Finerman's Firm Owns (BAC) Preferred Shares, Finerman Owns (BAC) Preferred Shares And Owns (BAC); Finerman Owns (RIG); Finerman's Firm Owns (WFC) Preferred Shares And Is Short (WFC); Finerman Owns (WFC) Preferred Shares; Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO); Seymour Owns (AAPL), (BAC), (RIG), (SBUX), (FXI), (F), (TTM)

For Jim Suva
Citigroup Owns (PALM)
Citigroup Has Received Compensation From (PALM)
Citigroup Is A Market Market In Securities of  (PALM)
Citigroup Is A Market Market In Securities of  (RIMM)

For Dennis Gartman
Gartman Owns Gold