Now this news from CNBC and the fact Synovus Financial (NYSE:SNV) is down 10% tops the list of absurdity. No way SNV would issue any share to repay TARP. They aren't in any pressure and in fact shareholders don't want them to repay TARP at this time. Maybe if the shares jumped to $5-6 they could consider an offering to repay TARP. Otherwise, thats just an issue for the major banks like PNC that did an offering this morning.
Buy the dips from the dips!
Analysts said regional bank shares were hurt by the prospect of TARP repayments, including dilutive common stock offerings like PNC's announcement, and investor worries about first-quarter 2010 performance.
Disclosure: Long SNV