To be perfectly blunt, I've been torched by secondary offerings.  Both GNK and NUE announced secondary offerings on the same day, and they priced and sold within one day of each other.

In that timeframe GNK went from 82 and change to 67 and change today. NUE went from 83 and change to 72 and change.  Pretty tough for a portfolio to absorb.

HOWEVER - both of these stocks actually might benefit from their respective secondary offerings.  Both of them are in industries poised for some strong growth and demand. 

GNK is using proceeds of its 3.5m share sale to pay down debt.  That's ok by me.  That means essentially, we just issued stock to buy more vessels (they bought some 8 vessels or so in the last 12 months) - which means this will directly affect the bottom line.  I already used this dip to buy more, but in hindsight I should I have waited until at least today to buy - They probably finished pumping those 3.5 million shares into the marketplace late yesterday or sometime today (avg. volume is 990,000 shares.  Yesterday it did 5mm shares, today 2.5mm shares).  Longterm, GNK is solid as ever - and I'm glad I got to get more shares at almost 20% less than I had them 5 days ago.

NUE - I have not dug into the use of the proceeds.  I do know, with the world economy where it is - and especially with the earthquake in china, Steel is going to be a resource in high demand for time to come.  I'm going to do some follow up research on NUE and more than likely - unless something in the story has changed, I'm going to buy more shares in the next few days.  Today volume was in the low 20mm's - which is actually less than the secondary - so there is still another day of new shares entering the market.

While my portfolio has gotten killed in the last 5 days due to these offerings, I feel in GNK's case - and more than likely in NUE's case, this is just an excellent chance for me to re-up my position at cheap prices.  I'm hoping / expecting in 3 to 6 months, I'm rejoicing my wherewithal to buy while these stocks are getting battered.