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Ensco (ESV) Stock Plunges on Secondary Offering

NEW YORK (TheStreet) -- Ensco (ESV - Get Report) stock is down 9.07% to $9.63 in pre-market trading on Friday after announcing a secondary offering of its shares.

The offshore driller plans to offer 50 million shares, with an option for an additional 7.5 million shares. Ensco expects to use the net proceeds for general corporate purposes.

The secondary offering is overshadowing a better-than-expected revenue outlook, according to an...