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Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)
Company: Synacor, Inc.
Symbol: SYNC
Price: Last Trade $4.15
Re-offer: Subscription Needed
Trade Date 4/6
Shares: 4.8 million
Underwriter(s) Canaccord Genuity, Needham & Co.
Rating = Subscription Needed
Company: Winnebago Industries, Inc – Block
Symbol: WGO
Price: Last Trade $27.35
Re-offer: Subscription Needed
Trade Date 4/6
Shares: 2.3 million
Underwriter(s) Morgan Stanley
Rating = Subscription Needed
Company: Stewardship Financial Corporation
Symbol: SSFN
Price: Last Trade $8.30
Trade Date 4/11
Shares: 1.8 million
Underwriter(s) Sandler O’ Neill + Partners
Rating = Subscription Needed
Company: Colony NorthStar, Inc. – Block
Symbol: CLNS
Price: Last Trade $13.03
Re-offer: Subscription Needed
Trade Date 4/6
Shares: 21.9 million
Underwriter(s) Morgan Stanley
Rating = Subscription Needed