Dear Rick, I had a very unpleasant (but educational) experience bidding for PARS today. Bid for more than 10,000 when bid was 2 15/32. My broker does not make a market in the stock and I wasn't surprised that my bid was not reflected on my screen. That was at 88,000 shares traded. At 104,000 shares traded, none of mine have gone off and I'm a little ticked. My broker called down to floor and asked his guy to walk over and goose the MM because the bid was still 2 15/32. We're not even off the phone and, though there's no trading activity at all at that point, the MM moves the bid up to 2 1/2, so I'm still out of the money.
Now I've learned why people sometimes bid for 9999 shares. As long as you're under 10000, the MM must reflect your bid. Above that number, you're left to his/her discretion.
I cancelled my bid and suddenly the stock woke up. Well, I'll just have to console myself that the rest of my PARS holdings increased in value ;-)
Learn something new every day,
Ariella |
