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Dan:
You must have misunderstood my message. I said,
without going into a long explanation which you did,
that it
was probably a cross. You do not need a top firm to
execute this kind of trade. Any broker dealer who has
one side of the trade can shop the stock and find the
other side. the broker does NOT have to be a market
maker, but the chances are high that an institution
would go to a market maker since they are ore familiar
with the stock. Having done
trading for 2 institutions in my life and also on the
sell side of the business, I can tell you that
institutions do not get cheap stock because there is
usually a savvy seller or an institution on the sell
side. In this case the stock traded at 360, the
closing price
on NASD. The trade took place at 8:04 AM, NY time. In
the framework of the market and yes, before the NY open
and I believe around the opening NASD price, although
this has no relevance to the earlier trade. Herzog
has traded
722,000 shares of the stock today, they may have done
the cross, but this is only a guess.
Norman E .
Daniel Goncharoff wrote:
>
> Actually, the top firms (Goldman, Merrill) have block trading desks which specialise
> in executing just this kind of trade, in this kind of size. They will shop the stock
> around to institutions before the deal is agreed, usually on a no-names basis. The
> institutions get cheap stock, Goldman gets a commission, and the seller gets out of
> stock without causing the market to drop like a stone.
>
> Regards
> DanG
>
> Norman Phair wrote:
>
> > It is highly unlikely that any firm would be long $18
> > million worth of stock to be able to sell it to a buyer.
> > In fact I will say it did not happen. A firm also would
> > not go short that amount of stock to facilitate a trade.
> > My best guess is that
> > it was a clean cross. The market maker may have
> > participated in some part of the trade in a small
> > amount to complete
> > the transaction.
> >
> > Norman E.
> >
> > Joe Frabosilio wrote:
> > >
> > > Phil,
> > >
> > > You maybe right, but the most important part of trading is how are you doing on
> > > the trade, not what someone else is doing. How do you think that Market Maker
> > > feels now, after selling 50,000 only to go up 100+ points after he sold it.
> > > I'm sure his boss will be talking to him, very soon.
> > >
> > > TradeWell,
> > > Joe Frabosilio
> > >
> > > Phil Lane wrote:
> > >
> > > > Was looking at the pre-open ticks for NSOL. There was a trade of 50,000
> > > > shares at 360. That's $18 million dollars worth of stock. And it was just a
> > > > few minutes before a takeover was announced at $532.
> > > >
> > > > Thoughts?
> > > >
> > > > rgds phil
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