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The (relatively) gradual rebound in price suggests the trades actually happened. It's not a removable discontinuity, so to speak. And, frankly, if you were cod
by goodside 16y ago
The (relatively) gradual rebound in price suggests the trades actually happened. It's not a removable discontinuity, so to speak.
And, frankly, if you were coding an automated trading system, it wouldn't be that unreasonable to write a "sell at any price" algorithm that doesn't cover the eventuality that a stock with a market cap as large as these might have literally no bids higher than $0.00. (My highly speculative amateur theory is that this is what actually happened: The NYSE froze trading on these stocks for an extremely brief period, as it did with many stocks today, and a handful of automated trading systems scrambled to electronic exchanges, where volumes were low enough that a $0.00 bid issued by some cleverly well-prepared hedge fund was the best around.)
- drusenko 16y agosome of the articles go into detail on specific trades (with the number of shares) that actually happened at $0.01 (or $0.000001 or whatever the number is that is meant to represent $0). so it ultimately looks like a factor of events caused some people's simplistic trading programs to give away their shares for free, and the people smart enough to buy them up at near-zero did. that's my best guess at this point, anyway. looking forward to hearing what actually happened :)