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QDEK |
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QDEK jumped 13% today (11/19) on a big increase in volume but the details are very intriguing. Can anyone explain them??
Most of the day QDEK traded in a tight range of 4 3/4 by 4 15/16.
At 14:23:24est a large block of 159900 shares went across at 4 27/32. Doubling the daily volume at that point.
At 14:24:11 another block of 221200 shares went across at 4 27/32.
For the next five mintues, 14 large blocks of decreasing size (58100,47200,...11500,10900) go across all at 4 27/32 all about 25 seconds apart. Only one other trade of 200 shares is made during this period. Total of all the large blocks is 728200 shares ($3.5 mil plus change).
Five minutes after the last large block, the SOES activity starts and there are three SOES trades (1000 shares) at the ask (buyers I presume). The bid is raised and a SOES trading frenzy begins. Only a couple more blocks over 10000 but lots of 1000 and 2000 share lots.
At the end of the day the stock is 5 5/16 by 9/16 up 5/8. Volume is 1735400, doubled since the last large block went across.
So here are the questions....
1) Why did the large block get printed as 16 separate trades? Why are they all decreasing size (except the first)? Why are they all about 25 seconds apart. Were they all done through one market maker or several? Why the same price if several MM's?
2) Was this block sold to or bought from a market maker? Did the market maker buy the block and then try and create activity to drive the price up? or did he sell the block then scrammbled to cover driving the market up after he's short? not likely I think.
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