Have a look at this run of transactions in the stock of Ambac (ABK) on Friday:
Source: Bloomberg Data Services
Here’s why this is filed under category "Legal" — who on earth is painting the tape at 4:05pm more than 25% over the last price?
Note that this was the day of the $1.5 Billion share offering . . .
UPDATE: March 10 2008, 11:00 am
My head trader tells me that there was a huge market-on-close buy imbalance, and there were attempts to find sellers at $8.00 – 8.50, and $9.00. No sellers appeared until $9.50, and the specialist went out short ABK for the weekend.
Friday afternoon (3:40pm), the specialist posted a Market on Close Imbalance to Buy 8.1million shares; at 3:50, that was down to 6.7million shares.
None of the institutions were around to hit that bid at $9 ?
Current price: $7.15
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.