4,879,600 went off at 2.33 after hours. I don't think the market makers would handle such a large quantity on the spur of the moment, particularly after hours, without driving the price crazy. I think the explanation is that these were pre-arranged. If these were pre-arranged, then it is not necessarily a reflection of the true market price right at the time of the close. If the market makers were willing to buy that much, it seems bullish, as they must plan on selling higher. But I think these were retail buys. I have seen this pattern on some other stocks also. With large buy orders pending, the market makers seem to play hardball during the day, dropping the price for no reason, as if to scare up some cheap shares. If they know those orders are pending they can drop the bid and hold down the quantity at the ask during the day and just try to keep the price down, hoping to buy what they can while knowing they can always sell a large volume at a higher price. The action of this stock has been very strange and volatile, with the price dropping suddenly for no apparent reason. I have seen sustained buying at the ask, then suddenly the ask and bid can drop sharply, almost as if they just want to hold the price down rather than make the change in response to the market forces. Up to yesterday, for the market makers to be buying at 2.33 would have seemed fairly high, while 2.33, at least up to yesterday would have been a good price at which the market makers could sell a large quantity to buyers. If this large a quantity were pre-arranged, I think it must have been in the works well before yesterday. For one reason, if these were retail buys, the market makers would have to acquire such a large inventory, which is several days' volume. I began to notice unusual activity when the price was 2.09, when the market makers were happy to buy all you could throw at them. They just wanted to buy at that point, they did not want to drop the price to deter the selling
It seems like TSYS will be going in the Russell 2000. The cutoff for the 2013 index is 129 million market cap, and is calculated as of May 31. The TSYS closing price on May 31 was 2.35, so it appears that TSYS is in. The final list comes out July 1. That may explain the unusual buying, in which case of course they saw it coming, and these after hour trades must have been pre-arranged.