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deep discount block trade

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i am seeing a 311,000 share trade (6.2 million pre-split) crossed at 12:34 (Eastern). the interesting thing is it traded at $3.60 when the bid was $3.8. And trades immediately before and after were $3.82.

What this means is there was a motivated seller who told an institutional (probably) broker to get him a bid for the whole block. he came back with a "discount bid" at $3.60 and the seller said good its a trade.

Clearly this is a case of the trade being initiated by a motivated seller. Hopefully that cleans up his position ie he doesn't have more to sell.

Posted by dlog - 18 years ago


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