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SAN FRANCISCO (MarketWatch) - Plans to raise cash by selling stock battered shares in Invesco, Ltd., MSCI, Inc. and Penn Virginia in Monday's late-trading session.
Invesco (IVZ 14.55, -1.03, -6.61%) shares slid 5.3% to $14.70 after the investment manager said it plans to sell $400 million common shares.
MSCI, Inc. (MXB 21.00, -2.48, -10.56%) shares tumbled 11% to $21 after Morgan Stanley (MS 28.09, -0.19, -0.67%) said it was selling its remaining stake in the provider of indexes. The offering will consist of 27.7 million shares of MSCI class A common stock. Morgan Stanley shares sank 0.8%.
Shares of Penn Virginia Corp. (PVA 19.00, -1.22, -6.03%) sank 6.1% after the natural gas and oil company said it plans to sell 3.5 million shares of common stock in a secondary offering. It will use proceeds to help pay down debt.
Last week, a crush of stock sales by large companies, including banks looking to pay back government bailout money, took the wind out of a two-month stocks rally.
There were $31.1 billion in new equity offerings last week, TrimTabs Investment Research reported Monday. See full story.
After-hours traders gave up some of the day's gains. The Nasdaq-100 after-hours indicator was down less than 0.1%.
Among the most active shares, Cisco Systems Inc. (CSCO 18.72, +0.80, +4.46%) gained 0.4% while Intel Corp. (INTC 15.47, -0.05, -0.32%) rose 0.3%.
Wyeth (WYE 44.52, -0.35, -0.78%) shares slid 1% after the Department of Justice said it, along with 16 states, are joining two whistleblower states alleging the drug maker bilked Medicaid in rebates on a popular acid reflux medication.