Qiagen's Convert

Qiagen released a good earnings report on Monday, but used the good news to issue $300 million in 3.25% senior converts. Ugg... The stock would have taken off if they didn't make this offering. It's pretty clear that they will be using the cash (now $500 million in the bank) to make larger acquisitions. So far they've made some very good and a few not so good acquisitions. I just hope they use this cash wisely. Qiagen continues to be one of my favorites.