Elliott -- that "activist" hedge fund -- is winding down it's Brocade position without so much as a whimper!! So much for that reputation of pressuring management for "change". The only change now is to Paul Singer's reputation -- what a whimp!!
Elliott has been selling those 100k+ share blocks almost daily which continually knocks the stock down off the daily trading range. They could be sold out with that 3.5 million share block which crossed in AH trading. However, since Elliott last reported under 5% we won't know until the Q4 13F is filed in February.
Several big block trades, starting a with a 1 million share block at 10:44am, have knocked BRCD down hard from the highs. At the same time, many of my other tech stocks are up nicely in a flat market.
It looks like Elliott could be using the strong rally to unload their remaining BRCD position. Whoever is selling, once their selling is exhausted the stock could finally have a chance to bounce back over $6.
Yeah, tell me about it!! I'm also tired of dealing with the ups and downs of a stock that has gone nowhere for 2+ years.
Actually, it's hard to tell what's going on due to the recent extremely low trading volume and tight trading range. The stock hasn't traded so tight at least since I've been in it. (If you examine today's chart and volume patterns, I think the 3.5 million reported in AH trading is actually included in the day's reported 8.35 million shares.)
I still think Elliott is out or close to out of Brocade. It would be poetic justice for the longs if a deal finally surfaced which leaves Elliott out in the cold!!