Man what a bizarre pop at the end. I have been watching SGEN the last couple of days trying to decide whether buy my 40 March 20 calls to close. I hate it when all you need is a nickel to close and sell to open for next month's action but watch on options expiration day as the stock drops and the money you save not buying to close is more than offset by the following Monday's open. Still, it wasn't down too much and I decided to let it ride out and expire worthless. Then, with a minute or so to spare, suddenly and without news or warning, SGEN POPS from down 20 or 30 cents (below 19 dollars) immediately up to 19.75. What the hell happened? I was suddenly aghast at the prospect of losing my shares if SGEN topped 20 bucks with a Hail Mary pass as time ran out. Fortunately not...but anybody see that pop and know what happened to account for it? I've never seen any stock move so far so fast at the wire...for no reason.
Thanks for your response. I did notice that the volume of shares transacted for the day did increase a while after the markets were closed, at least as reported by Yahoo, by a number of shares that was very close to the transaction posted AH at 16:51. It would seem that might support your "balancing" explanation.
Well,the game appears to be afoot. As has been noted, a lot of shares at the finish line and then into AH. Check out the one day graph: http://finance.yahoo.com/q/bc?s=SGEN&t=1d&l=on&z=l&q=l&c=
and note the corresponding volume the matches the spike. Of course it figures that such a spike in price would need a correlating spike in volume to move that price so dramatically...but still it's a thing of beauty to behold. Monday's open should be interesting. I just hope there's still air in the balloon come time to sell April 20 calls...
Well I wouldn't rule anything in or out. Just seems like a stretch that someone would significantly place a bet on a piece of significant positive confidential info that the rest of the world has to wait 8 years to learn about and to react to. Certainly I could understand that a leak about a buyout on Monday would be good reason to throw $6 million into the pot on Friday, but I don't believe one files this type of SEC doc for that, or generally some type of similar tactical situation. Again, I don't know, but it sure is interesting!
I don't see how the CT Order as noted in the link below would have anything to do with the last 60 seconds of the trading day, given that the confidentiality of the subject matter referenced in the CT Order extends out many years.