TheStreet’s Action Alerts PLUS co-portfolio manager Jim Cramer says the secondary offering from Concho Resources is the best he has seen so far this year. Cramer says Concho Resources priced 6.5 million shares at $129 each and the stock immediately shot up to $131. Cramer says there is strong demand for shares of any company related to oil. Cramer says this is in stark contrast to what happened when FireEye and other tech companies launched their secondary offerings: their secondaries collapsed immediately. Cramer says this shows there is no interest in those companies. Cramer likes Concho because it is in the prime Permian Basin location.
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