I live on the west coast and was bit sleepy when I watched the PM trading. All of sudden C shot downward with huge block trading clear down to $1.15 Then it popped back up to somewhere around $1.50
So I figured hedge funds or institutional buyers were massively dumping at that moment and filling all the buy orders clear down to $1.15 before dump ended.
However, reading several different articles today a writer mentioned that some of the preferreds shorted the stock to make their conversion exchange more beneficial. But I can't find the link any longer.
Does anyone know about this? And if so could you explain how a preferred would get a more beneficial position by shorting the stock in PM this morning?