(NYSE:MI) Plummets On Below Estimates results - Stock News

Marshall & Ilsley Corporation (NYSE:MI) plunged 10.71% to $6.45 huge volume of 1.10 million share after Tuesday that it lost $248 million, or 68 cents a share. In the same period last year Marshall & Ilsley lost $83 million, or 32 cents a share. Analysts polled by FactSet Research estimated, on average, a loss of 65 cents a share. Results include debt-termination gains of 10 cents a share, credit-related expenses of 12 cents a share, and dividends paid to U.S. Treasury under Capital Purchase Program of 7 cents a share. The Milwaukee-based financial-services company also announced a public offering of $775 million of its common stock. The underwriters will be given an option to buy up to an additional 15% of the shares sold. Marshall & Ilsley said it plans to use net proceeds for general corporate purposes and may contribute part of them to the capital of its subsidiaries.

Also Marshall & Ilsley Corp. announced that it has commenced a public offering of $775 million of its common stock for sale to the public. The underwriters in this offering will be granted an option to purchase up to an additional 15% of the shares sold. Morgan Stanley and BofA Merrill Lynch are acting as joint book-runners for the offering.

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