It's easy to see on LEVEL II what's going on. Dumping heavily all morning. It will probably go on all day. Ackman is a jerk. He bought close to $1.50 and most likely has been dumping since after his announcement.
FMCC is going back down to $1. He will buy at $1 before the next announcement and say he still has x amount of shares, while making money along the was at the expense of the idiot retailers.