Miss WPZ's $49 Secondary But Think It's A Buy At $45?

Looking back to 54 days ago, Williams Partners L.P. (NYSE: WPZ) priced a 21,500,000 share secondary stock offering at $49.00 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 Wednesday, the stock is now 5.9% higher than the offering price.