Up 2.88 on 61,000 shares. Activity did not start until after 11:30am. Multiple trades and not just a couple of big blocks. This is the most single day action in CVR in years, yet no public news. Anyone care to speculate on what the cause might be?
I've been following CVR for over 40 yrs now. Been in and out a few times. With less then 1 million shrs out I often thought how much fun it could be (if I had the money) to jump in and out trading 50 to 100,000 shrs. Maybe some rich guy is doing that. Heck you can buy the whole company for 14 million.
Another 43,000 shares traded today, bringing the 2 day total to over 101,000 shares which is about 10% of the non-insider float. You might be right, someone may be just trading in and out of an illiquid stock, hoping to draw other bids in and making more on the upside buys than on the downside sales. Dissapointing that the stock finished down .05 after being up almost $1.00 I would rather hope that perhaps your other idea is true and ITW might be making a run at CVR and just picking up as many shares as they can on the cheap.
I did go back and check historic daily trade volumes. The highest volume in the past 10 years was 34,000 shares and yesterday it was over 61,000. However no follow thru or news today, so far. Wonder if it had anything to do with GM BK exit news or perhaps a new contract from a customer. Too many little trades over time for one institutional purchase, but we will know if that is the case soon, when they would need to file a form 8K.