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ONEOK Partners, L.P. Message Board

  • crazyhorse1786 crazyhorse1786 Jan 6, 2012 5:10 PM Flag


    Any info on the stock decline today. Is it the declining economy will hit all natural resource stocks or is it the warm weather taking out natural gas need?

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    • apparently some far fingers...(apart from which OKS is pretty overbought)

      By Scott Patterson and Mark Gongloff

      Did somebody drop their sandwich on the “sell” button today?

      Plains All American Pipeline suffered through a gigantic swoon just before lunchtime, dropping 6% in less than 20 minutes for no apparent reason on unusually heavy volume.

      Then it bounced back, though it ended the day down more than 1%.

      About 2.4 million shares changed hands today, nearly five times the average of the past 30 days, according to FactSet.

      Since the May 6, 2010, flash crash the market hasn’t had a similarly devastating event.

      But there has been an epidemic of so-called mini-flash crashes, share dives in single names — and there was another today.

      In addition to Plains All American, shares of several oil and gas companies, such as Enterprise Products Partners and Sunoco Logistics Partners, shot sharply lower shortly before noon.

      Word on the trading floors quickly spread that the cause was a “fat finger” from a large trading firm (yes, there was a specific name, but MarketBeat can’t confirm the rumor).

      Shares quickly rebounded, just as the market did on May 6.

25.88-1.63(-5.93%)Feb 9 4:02 PMEST