What's up with the crazy last minute surge in McClatchy's stock price? In the last 30 minutes of the day, MNI jumped from 40 cents a share to 68 cents a share. -- a 41% gain. And a reader points out the volume today was insane -- 5.5 million shares traded hands, when average volume is just under 400,000.
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Something is happening here.
UPDATE: A reader says an SEC filing in the next few days might have the explanation.
UPDATE #2: Another reader says the price surge at the end of the day was probably caused by short sellers covering:
UPDATE: A reader says an SEC filing in the next few days might have the explanation.
UPDATE #2: Another reader says the price surge at the end of the day was probably caused by short sellers covering:
The afternoon jump was a series of buys consisting of two 40,000 share lots and a couple of 20s. Probably a short covering.
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6 comments:
Who'd be dumb enough to buy MNI stock right now? I got some swamp land in AZ!
pump and dump
5 million shares did not pass time and sales so look for the SEC filings over the next few days for an off board transaction. If the participant holds a large enough position they will have to report it.
Oh yeah, they were reporting that 5 million share volume early this morning. The afternoon jump was a series of buys consisting of two 40,000 share lots and a couple of 20's. Probably a short covering.
With the share price below $1 per share, 40,000 shares is not a significant trade. Heck, I could do that many shares in my account.
Penny stocks can have huge volume in share count, but the amount of money involved is insignificant.
Gary can buy himself a new yacht and invite the Stones aboard.
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