Leonardo's U.S. shares drop from record highs on secondary offering

Leonardo DRS

16/11/2023 15:46

** U.S.-listed shares of defense firm Leonardo  DRS.O  down
9.1% at $18.89 after secondary offering launch
    ** Italian parent Leonardo  LDOF.MI  late Weds said it would
sell 16.5 mln shares to cut its stake in the U.S. unit by about
6% to about 74%
    ** Morgan Stanley, BofA and J.P. Morgan jt bookruuners for
offering, slated to price Thurs after markets close
    ** Through Weds, U.S.-listed shares had gained 9% this
month, and touched intra-day record high of $20.95 in
yesterday's session
    ** On Nov 2, co posted Q3 adj EPS beat of 20 cents, per
LSEG, and boosted its 2023 profit forecast to 70-72 cents/sh
from 66-69 cents/sh
    ** Even with decline on Thurs, shares up ~48% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))