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Enbridge Energy Partners, L.P. Message Board

  • Rusty_Wallace_Fans Rusty_Wallace_Fans Jan 6, 2012 2:06 PM Flag

    what was the big dro for today

    I saw EEP and EED drop like a rock around noon today. It quickly recovered most or all the decline. What was the reason if any of you know what caused about 5% decline? I thought there might have been a stock offering announcement but did not readily see anything definitive. Thanks.

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    • WSJ reports traders say it was a fat finger

      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.

    • I did not think it affected the entire MLP sector so tax expectations / rumors would not have been the reason.

    • It was certainly not tax talk since all the stooges are on vacation, again.

      I think it may have been a program trade (sell pipelines) since ETP and KMP had similar drops, although shallower than EEP, shortly before noon.

      A computer-driven mini flash crash, which is fine with me since I caught 1,000 EEP near the bottom and sold them 8 minutes later for a buck profit each.
      Was lucky to be watching a live streamer when it happened and was fast enough to make a nice flip.

    • Maybe rumors that the LP tax break goes away.
      They did it up in Canada
      And they may do it in the US.

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