US Bancorp (USB) NewsBite - USB Announces Results of Stock Offering

US Bancorp (NYSE: USB) opened at $18.00. So far today, the stock has hit a low of $17.60 and a high of $18.00. USB is now trading at $17.63, down $.87 (-4.7%). Over the last 52 weeks the stock has ranged from a low of $8.06 to a high of $42.23. USB announced this morning that it sold $3.5 billion of stock and bonds in an effort to raise enough money to repay the government's financial sector bailout program. USB received $6.6 billion from the government's Troubled Asset Relief Program. Some banks, including USB, hope that repaying TARP money will allow them more freedom from government interference moving forward, as the funds came with strings attached. Technical indicators for the stock are bearish and S&P gives USB a negative 2 STARS (out of 5) sell ranking. If you are looking for a hedged play on USB the stock seems like it could be a candidate for a June out-of-the-money bear-call credit spread above the 22.50 range.

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