{"id":36075,"date":"2015-05-13T08:13:05","date_gmt":"2015-05-13T12:13:05","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=36075"},"modified":"2015-05-13T08:13:05","modified_gmt":"2015-05-13T12:13:05","slug":"noranda-aluminum-holding-corporation-nysenor-avoid","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/noranda-aluminum-holding-corporation-nysenor-avoid-36075","title":{"rendered":"Noranda Aluminum Holding Corporation (NYSE:NOR) – Avoid"},"content":{"rendered":"

Noranda Aluminum Holding Corporation (NYSE:NOR)<\/strong> finished the last trading session with a huge loss of 30.67% after Apollo Global Management dumped nearly 23 million shares. The pricing of the previously announced secondary offering by the company was announced Tuesday morning, which would consist of 22,840,000 shares of common stock held by funds affiliated with Apollo Global Management. Besides dumping the stock, some affiliates may even vacate Noranda\u2019s board.<\/p>\n

Morgan Stanley is the sole underwriter of the secondary offering, which is expected to be closed by May 15th<\/sup>. Noranda Aluminum Holding Corporation (NYSE:NOR) will not receive any proceeds out of the offering as they are not selling any shares in the offering. The selling stockholders, who controlled a stake of about 33%, will not own any shares of the common stock following the sale.<\/p>\n

\"NOR\"<\/a><\/p>\n

Technically, Noranda Aluminum Holding Corporation (NYSE:NOR) has been in a bear market for the fifth year running. The stock registered the long term top at $17.82 in April 2011 and since then, has just declined with occasional interruptions by corrective bounces. The second meaningful bounce came in 2014, which was much shorter than the earlier bounce seen in 2012, suggesting increasing and consistent dominance of the bears.<\/p>\n

For the last 1 year, the level of $3 managed to provide good support but the firm break below that level yesterday opened the door to much lower levels. The gap must be termed a Breakaway Gap, which if correct, has little chance of filling up any soon. Any corrective bounce now may face great resistance from the area of $2.50-$2.80, which is formed by the lower end of the former support area around $3 and the lower boundary of the short term channel containing the entire price action of the last 6 months. Investors may avoid the stock and search for better opportunities elsewhere.<\/p>\n","protected":false},"excerpt":{"rendered":"

Noranda Aluminum Holding Corporation (NYSE:NOR) finished the last trading session with a huge loss of 30.67% after Apollo Global Management dumped nearly 23 million shares. 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