Actually, wall street is saying they like the deal. The initial decline following a convert offering happens because arbitrageurs buy the convert and sell the stock short. The action following the initial decline is the most instructive as to what the street thinks of a companies new capital structure. In Cray's case, the stock is back to trading within a few percentage points of where it was before the convert.
You have a very peculiar view on the use of debt by companies. Is it any company who issues debt or is it just companies that transgress your ideology?
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