Emerald Oil, Inc. (EOXLQ)

[davidsson10]

Seeking Alpha: Emerald Oil +60% after nixing offering, but Wunderlich reiterates Sell

Emerald Oil (NYSEMKT:EOX) +61.4% premarket after electing not to proceed with its previously announced public offering of common stock.

Wunderlich analysts are not impressed, reiterating their Sell rating and cutting its price target to $4, after a tough month that has "taken time, effort, and money away from what is left of the company's ongoing operations in the Williston Basin, but we feel they also show the dire straits Emerald is in financially." (Briefing.com)

Notable Calls suspects management is "gaming the shorts" and likely will announce a new secondary offering in a month.