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I see the open was 430. Obviously the news broke
between the 8:04 trade and the open.
Norman E.
Norman Phair wrote:
>
> 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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