If I have my time zones right, 14:00 NY time is 12:00 Idaho time -- looks like the morning part of the meeting has 'em rushing right past the All-U-Can-Eat Potato Bar to the phones to buy in size. 72 1/4 to 74 on about 500K shares in 160 trades (3170 shares per trade) in a half hour is definitely panic-buying. I imagine we'll see an earnings upgrade or two by tomorrow morning.
But the action on the way down was even nastier -- 275K shares from 14:32 to 14:40, hefty volume by itself, and on only 50 trades (7514 shares per trade). Now we're on the way up again.
Somebody was waiting at 73 5/8 to sell 100K shares before I started this note, and now we're above it. Dunno what happened to those, if they got doled out in pieces, or if the guy cancelled the sell, or if it was just a bunch of fooling around.
I'm still betting on 75 for expiration, but Gruntal's downgrade (a pretty serious change in sentiment, IMO) and the jumbo volume being flung around here makes me agree with Larry -- I think that, Windows 2000 or not, the post-Intel high of 78+ is gonna hold for a while.
MSFT earnings tonite after the close, and they will present their official response to The Ruling as well. |
