I really don't know either but it didn't trade for about the first fifteen minutes than the first trade went at app.43 1/4. It was a little strange.I had picked up shares late Friday at 41 . This morning I had a buy order at 41.for my girlfriends account(bid 40 7/8- ask 41 1/8).I keep checking and checking with no trades then boom 43 1/4.She didn't get SLM that's for sure.
This stock trades with a lot of extremes in the bid and ask "size". It opened yesterday with an extreme buy side imbalance. That's all. No big news event, at least none reported on Yahoo (but then again Yahoo doesn't always print all the news, I've found.)
Today the strong housing numbers have caused the entire market to trade down, at least so far (12:35 pm). But the bond market is rallying, and that should do a lot to keep this stock up; even though we're currently down almost a point.