Wild trading...had 2 million offered at 42 for a long time. I took 3000 at 42....now halted...we will see.
I don't know how I did it, but I accidentally shorted instead of buying at around 42. I quickly reversed my position and now I'm long. I hope IB lets it trade immediately after the halt. They have a history of not allowing stocks to trade for several minutes after a halt is over.
I have never seen that many shares offered straight up on a stock. Institutions were slowly chipping away at it 20k-50k at a time...still took forever. I figure worse case scenario it drops another 10 points upon reopening if its just absolute horrible news. Otherwise, it would be just another minor article and it instantly recovers 5 points. Of course, I really wish I would have exited at 44 right before the halt.
For anyone who is long, watch the other educational stocks like EMDC, APOL, and CECO. If they PLUNGe for some reason it means the COCO news is out and its bad. Otherwise, its profits for all.
It was an input error at one of the houses (Fly on the Wall and Trade the News). Whoever did it has to cover about 2 million shares short.
11:02 ET COCO follow-up : Hearing from one desk that there is nothing specific out there that would indicate a civil suit. But, now hearing from another desk the possibility of a trading error in the stock that sparked the sell-off, which then led to the creation of this rumor as investors looked for reason for decline. Hearing the trading order involved over 1 mln shares
Is this going to be another EMLX style halt???? I wonder if a bunch of trades are going to be busted.