Smith International Inc. (SII) announced after the bell Monday that it commenced a public offering of 28,000,000 shares of its common stock. The stock is now trading lower by 1.51 on 177K shares.
Smith International climbed during the first half hour of trade Monday, but settled into a range for the remainder of the session. Shares finished up by 1.32 at $30.76. The stock closed at nearly a 3-week high.
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