http://news.yahoo.com/news?tmpl=story2&cid=494&u=/ap/20040306/ap_en_tv/martha_stewart_tv_4&printer=1 CNBC reporter Mike Huckman was standing outside the courthouse with two large posters listing the charges against Stewart and her ex-stockbroker, Peter Bacanovic, and boxes marked "guilty" and "not guilty." Huckman marked "not guilty" for the conspiracy charge against Stewart and went at least a minute before correcting it, scribbling over the wrong "X" with a red magic marker. "I apologize," Huckman said. "The confusion out here is immense."
Actually the spike happened BEFORE the verdict was announced, and that high was never taken out. No doubt he did initially mark the board wrong, but it did not cause the spike. If you are looking for what caused the spike - it was when they announced the jury reached a verdict. Buyers jumped on board and drove MSO up to a high of $17.00. It then pulled back, the verdict was announced, and it traded for a minute between 16.40-15.30 and was halted. The rest is history.
The last 1-minute bar for MSO -- before the halt and before the collapse -- was 15:03PM. KMRT collapsed during the 15:02PM bar. Interesting that KMRT moved before MSO.
The stock was halted at that point (though it should've been halted much earlier). The spike occured about a half hour earlier when word got out that a verdict had been reached and many were anticipating a non-guilty verdict due to the quickness of the jury's decision. Yes, Huckman screwed up royally and his performance was embarrassing. But no, he didn't cause the spike.
Is it possible that the specialist on the floor had his own source in the courtroom and knew the verdict exactly as it happened? It is strange the NYSE did not halt the stock when the buying frenzy was going on! Very strange! You figure out the rest of the story!
The buying started an HOUR before the verdict, probably in the options. And how come so many of these , like IMCL move the wrong way before the real news? Must be all the people that are on the right side are very nervous types. Fade the F*****kers
its a conspiracy, ITS A CONSPIRACY......MAN ITS A CONSPIRACY, THE SPECIALST WIRETAPED THE COURT ROOM AND THE JURY CHAMBORS............ALSO HAD INFRARED CAMER'S POSTIONED SO THEY CAN ZOOM IN ON THE WRITING OF THE JURY... THEY HAD TWO MIDGETS ON HEADSETS RELAYING CODE ON THE JURYS DECISION< LOL..........amature time for sure.
It was a great set up with the run up. I love it how ALL the big house floor traders were surrounding the MSO specialist and getting involved in the trading. I wonder how many big retail clients they suckered into buying the stock 6 points up from where it closed.