Who Painted Ambac's Tape?
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
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Hi Barry, Looks like a typo to me!
Posted by: david Price | Mar 10, 2008 8:30:22 AM
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