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This smells Obama related.He is speaking at 1:30 and that could be devastating for the market.More so for dividend companies.He seems to be out to destroy any income that investers get..Time will tell but he is very anti business.
The stock dropped with a very large block of shares trading right away. This looks to me to be more of one investor selling and frankly almost panic selling at any price. This doesn't seem to be a likely institutional sale since they would not be permitted to do such a trade as such a high percentage of the daily volume. Best guess is that there was a margin call or something like that that elicited a required sale. This occurred a lot in 2008 and is why even stocks that were counter cyclical went down dramatically then. People had to sell something to raise capital. Anyway, just a theory, but it doesn't make sense to me that someone would sell so rapidly and get so crushed along the way voluntarily.