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To: Grommit who wrote (48969)	8/1/2012 10:16:35 AM
From: MCsweet	Read Replies (1) \| Respond to of 78751

GOV, I have seen a few of these, and it has all the hallmarks of a trading error. Volume was tremendous and the shares sold exceeds all the top holders except Vanguard and an insider, neither of whom would sell in that fashion. It is now down only 2-3% versus 10% before. I noticed volume was also way up in ARR on the buyside. Perhaps a crazy pair-trade program gone awry. MC

To: Grommit who wrote (48969)	8/1/2012 12:00:46 PM
From: MCsweet	Respond to of 78751

GOV, hear me now and listen to me later. It was a trading error. Gnome on Machines Aug 1, 2012 \| 10:44 AM EDT Five days, five minutes, what's the difference? High above the Alps, my Gnome is saying that an algo program that was supposed to be executed over a five-day period was mistakenly executed over a five-minute period this morning and caused the unusual price behavior in certain equities. Kill the quants before they kill us! Here are some of the deviations in the volume over the first 60 minutes of trading this morning in several equities, as compared with the 10-day average full-day volume. 1,973% GOV U.S. Equity 1,063% PL U.S. Equity 747% MTZ U.S. Equity 672% EXG U.S. Equity 578% N U.S. Equity 518% BG U.S. Equity 420% HOG U.S. Equity 407% TRN U.S. Equity 401% PIR U.S. Equity 388% PPO U.S. Equity 316% KRO U.S. Equity 314% DDD U.S. Equity 305% DOLE U.S. Equity 298% JWN U.S. Equity 262% HLF U.S. Equity 248% MCP U.S. Equity 248% NOK U.S. Equity 247% FRX U.S. Equity 238% FSL U.S. Equity 237% LH U.S. Equity