Trina Solar (TSL) Down On Secondary Offering

Trina Solar (TSL) is under pressure this morning after announcing last night that it intends to offer 7,900,000 ADS shares for sale with the option for underwriters to purchase an additional 1,185,000 shares.  Proceeds will be used to expand manufacturing capacity, R&D and general corporate purposes. 

Shares are down about 4% in premarket trading as the stock continues to trade below the 50 day moving average and showing technical deterioration.  It looks like it may need to retest the area around the 200 day moving average in the coming weeks.

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