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Very interesting action today! Don't know what to make of it. At about 3:30 EST, about 800,000 shares were sold all at the bid! The price didn't budge at all. The blocks were as follows, all were priced at 11 7/8(which was the current bid): 10,000; 10,000; 65,000; 35,000; 100,000; 250,000; and 292,600. All of those were done within 4 minutes. The volume went from 315,000 to 1.1 million in short order. That is big action, very big. OO closed at the same price all the activity took place--> 11 7/8, up 1/16 on volume of 1,171,500. Obviously there was a big buyer out there that bought those shares, because the price didn't drop. The only other possibility is they could have been short sales. Shorted shares don't move the stock price by their actual sale since they are borrowed from people that own margined shares. The days to come should tell the tale........ |
