Anyone know why Putnam Halted trading in PGM & PYM?

Discussion in 'Trading' started by stock777, Jul 10, 2007.

  1. I've never seen a stock of any kind halt simply because of a partial tender expiration.

    I asked all the relevant parties and was not enlightened. Halt was coded news pending at 9:30 , and the stocks (closed end funds) did not trade.

    Putnam says it an SEC rule. Uh,,, the last 500 tenders didn't halt, but who's counting.

    Nasdaq Halt line gave me some bs about 'we can't tell you anything about the halt other than the T1, its proprietary information'.

    Can you imagine that, who actually asked for the halt is proprietary(must have been Putnam) , a big secret. Wow, must be real cloak and dagger down there in the vaults.

    Anyhow, lets see if the seasoned pros here at ET can figure this out.
  2. This may have something to do with the mergers of PGM->PMO and PYM->PMM ; however, other funds are being merged as well (e.g., PMG -> PMO) traded, so I'm not certain what to make of this.
  3. Clearly no one knows what happened, and all the real pros are too busy bashing IB. lol

    Today, two more cef tenders expired from Putnam and they are trading.

    I think it was a f... up.