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Biotech / Medical : GUMM - Eliminate the Common Cold
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To: Eric Fader who wrote (3081)11/6/2000 4:39:48 PM
From: DanZ  Read Replies (1) of 5582
 
I agree completely. This is especially true since the 7800 share offer started at 12 1/4 and moved down all day after someone hit the bid and the stock moved down. The 7800 was always 1/8 or 1/4 above the best offer, so they clearly had no intention to sell stock. The person behind that order can be traced, and their motive can be established based on a number of factors. A number of cases are described on the NASD website where people have been fined and/or censured for placing orders with the intent to manipulate the price of a publicly held security. A similar activity is happening through BTRD and INCA. Someone using those ECNs has continuously been placing orders to sell stock and canceling after getting partial fills. It would appear on the surface that the intent of those sell orders is to pressure the bid. If the seller really wanted to sell stock, he wouldn't continually cancel the balance of partially filled orders.
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