Somebody picked up 10,000 shares near the close. It should put upward pressure on the price tomorrow morning.
Basically, an investment club qualifies as an institution.
Peter, regarding your 10,000 shares, that's some investment club (or a modest fund). Seriously, how is it that 10,000 shares can put upward pressure on the open? This thing traded almost 1.5 million shares today.
BTW, as someone else asked, how do you know these blocks you see are accumulation and not distribution? Also, isn't it conceivable that these institutions and even some insiders have already locked in these prices by throwing on a collar? Not sure how loose the collar has to be to defer taxes, but anyone long the stock could sell Jan 65 calls for 4 3/8, buy Jan 60 puts for 2 5/8, and guarantee themselves net proceeds of between $61 3/4 and $66 3/4 come Jan 16. I'd do it.
Regards,
Bob
PS: ABC News did a story this evening on how Internet retailing hasn't really caught on this Christmas like many thought it would. Nice timing considering the explanation I read somewhere for AOL's gain today, that Internet retailers are having a bang-up Christmas. |
