Friday, March 6, 2009

Crazy last minute happenings with McClatchy stock -- major surge in last 30 minutes, huge volume... (updated)


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:
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:

Anonymous said...

Who'd be dumb enough to buy MNI stock right now? I got some swamp land in AZ!

Anonymous said...

pump and dump

Anonymous said...

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.

Anonymous said...

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.

Anonymous said...

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.

Anonymous said...

Gary can buy himself a new yacht and invite the Stones aboard.