Weatherford International Ltd fka WFTQ

[Timothy Smith]

Weatherford International (NYSE:WFT) +13.7% premarket after deciding not to pursue its previously announced public offerings of ordinary shares and mandatory exchangeable subordinated notes.

"While investor interest was strong for this offering, we are unwilling to sell securities at prices that do not reflect the value we have created," the company says.

But by announcing a capital raise, WFT had signaled to the market that it is in need of liquidity, which is counter to management's previous assertions; the blogger New York Shock Exchange believes the narrative on WFT has changed, and the market will shift its focus to WFT's Q3 earnings, sub-optimal capital structure and "intrinsic value of $4."