As stated previously, ePlus stock will not materially increase until Putnam is done selling. The buyers are far too savvy and they know Putnam's every move. They will not push the stock until the Putnam's supply overhang abates. Putnam couldn't dump much stock the last month of the year as most mutual funds stop trading in December (no reason to jeopardize bonuses) and wait for the new year (as we're seeing today with the biggest volume since December 2). Given today's block sale sizes, 22,000, 25,000 and 33,000, there's little doubt who the seller is. While you prefer to have your stock go up on large volume, the fact that the stock is not going down materially likely means there are either multiple buyers for the stock or the buyer is less price sensitive, namely ePlus. While the buyer is likely ePlus, don't rule out other mutual funds as they get plenty of cash in the 1st week of January from year-end bonuses, 401k contributions, IRA's etc. The market maker for ePlus has no fundamental reason to risk building a position and waiting for a large buyer when they can simply effect a no-risk trade crossing stock for a commission from Putnam and the buyer. Putnam was not the only reason ePlus stock dropped during mid October-November; there were many wiseguys frontrunning or shorting anticipating Putnam's potential sales. I would want to have a full position of ePlus stock in front of earnings on ~2/13/04. ePlus cannot trade their stock during the blackout period prior to the earnings release (which we have not yet reached), so I would agree they're one of today's buyers.