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Biofuels Digest Index drops 2.58 percent to 117.18 on poor reaction to $2 billion equity issue by ADM

May 28, 2008

The Biofuels Digest Index™ (BDI), a basket of public biofuels stocks, slumped 2.58 percent Tuesday to close at 117.18 on  a drubbing of ADM shares following a financing announcement by the agri-giant.

For the day, Archer Daniels Midland (ADM) fell 2.83 percent to close at $41.95, while Pacific Ethanol (PEIX) took a 1.44 percent dip to fall to $4.12. Among small caps, Texcom (TEXC.PK) leaped 114.29 percent to close at $0.15. Overall, declines led advances 3 to 2 for the day.

Archer Daniels Midland Company announced yesterday that it plans to offer and sell, subject to market and other conditions, 35,000,000 equity units and to grant the underwriters an option to purchase 5,000,000 additional equity units to cover over-allotments. Each equity unit has a stated amount of $50, for a possible aggregate offering amount of $2 billion if the underwriters exercise their over-allotment option in full.

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    Written by Jim Lane · Filed Under Biofuels Digest Index (BDI), Stock & Financial Outlook 

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