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Technology Stocks : Data General Corp. "dgn"
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To: David Lawrence who wrote (266)2/11/1999 6:24:00 PM
From: DanZ  Read Replies (1) of 354
 
Thanks, David. The thing that I don't understand is why there weren't any bids between 17 and 16 5/8. It just seems unlikely that DGN, with decent liquidity, had that big of a gap between bids. This is especially true because as you pointed out, the stock is traded on multiple exchanges. I would expect something like this to occur in a low volume OTC issue, but not a NYSE listed security that trades an average of 600,000 shares per day. My only guess is that the specialist received a large market sell order and dropped the bid to fill it at a single price. I have seen specialists do this in other stocks although I don't understand why it's so important to get a single fill as opposed to partials.

Thanks also to Axxel for looking into this. It's not really anything to spend a lot of time on. I'm just curious why it might have happened. BTW, the chart looks good and I think the stock has a good chance of testing the low 20 area again.
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