Porsche reportedly raises stake in VW, seeks control http://www.marketwatch.com/news/story/porsche-raises-its-stake-vw/story.aspx?guid={AD0405DA-5914-4879-81B3-CB1E2E47EFCD}&dist=TQP_Mod_mktwN Er, some short covering ?
Only 54%? BBC says: "In early afternoon trade, VW's shares were up 87.7% at 385.27 euros, having been up 98% earlier in the day. "
Volkswagen is completely out of Kontrolle for some months now already. (Federal) Germany made quite some $$$ due to the situation because (I think) State of Niedersachsen owns 25% of that BS firm. Can you hear anyone complain "It is a fuking Kasino", here, where things are up up up ????
That was a 200 point DAX bar in the 30 min. Completely faded. Whoever was short VW finally blew up and was forced to close the whole position into the afternoon?
Massive short squeeze in VW. "Volkswagen shares leapt by 157.05 percent to 542 euros in late trading on the Frankfurt stock exchange on Monday after Porsche said it had increased its stake in the biggest European car maker. A few minutes earlier, the stock had shown a gain of more than 200 percent to 634.99 euros."
Some of those offshore Lehman prime brokerage accounts were said to be short massive amounts of Volkswagen. Maybe they were forced to cover today.