PXLW,
I need to put this in writing to have a record of what happened in the last two days.
When I noticed on Tuesday night around 5:15PM Eastern that Sanyo selected PXLW to use their ImageProcessor Architecture to power the full range of advanced display processor products,I immediately posted the news on a few threads.
I figured that this news would help stem the slide of PXLW in the last few days.
The stock immediately traded higher from the 4PM close of 22.17,and traded as high as 26 through the evening.
The next morning there were some trades around 25,before the open,but the stock cratered immediately when the Market opened.
There was immediate selling on Level II by DBAB (Deutsche Banc Alex Brown),and SBSH(Salomon Smith Barney).
SBSH was selling relentlessly on the Ask for most of the day,and on a day when every stock that was on my screen was green,PXLW showed red,a slight loss.
I only found out this morning that DBAB has a Strong Buy on PXLW,and SBSH has a Buy rating.
I would like to understand why today SBSH released its control on the Ask on Level II and allowed PXLW to go up as high as 25.45 on HALF the approximately 3.5 million shares traded on Wednesday,almost 3 times the 65 day average volume.
There was no news to give reason for this stock moving up today on no news,and not on Wednesday on what appeared to be tremendous news.
The only thing it shows me is that the powers that be want to be in control of the movement of a stock when THEY want to move it,whether the news is there or not.Or, was SBSH buying stock on INCA all the while selling on their own name?
Manny T |
