Miss APO's $25 Secondary But Think It's A Buy At $20?

Looking back to 75 days ago, Apollo Global Management LLC (NYSE: APO) priced a 21,100,000 share secondary stock offering at $25 per share. Buyers in that offering made a considerable investment into the company, expecting that their investment would go up over the course of time and based on early trading on Tuesday, the stock is now 5.8% above the offering price. It should be noted that investors at the secondary have collected $0.57/share in dividends since the time of their purchase, so they ...