The 13F's and 13G's have to be filed no later than 45 days after the quarter closes. They filed on the 31st of December obviously because their position got to large not to disclose it. Plus it was an add of 4.5 million shares that they obviously accumulated after the annoucement on Nov. 18th. No wonder you retail characters get slathered you have no idea what the rules are.
<<FMR was already over 10% on 9/30/2010 at 11,794,821 shares.>>
You're right. Rules for a 10% beneficial owner who is a broker are different. They use an amended form 13 and have a 10 day window within which to file.
Fidelity went from 10% owner to 15% owner within the 10 day window prior to Jan 7, 2011.
<<So I take it that means FMR bought the 4.5M shares within two days of 1/10/2011 (which I think was the filing date).>>
They may have bought some sooner, but for sure they crossed the 10% barrier no earlier than 2 business days before they filed.
<<From a legal standpoint they triggered some rule that required a filing. Their position is so big they are by definition an "insider". So different rules on reporting activity apply.>>
Once they crossed the 10% ownership threshold they became a "beneficial owner" and they now have a 2 business day reporting requirement whenever they buy or sell.
From a legal standpoint they triggered some rule that required a filing. Their position is so big they are by definition an "insider". So different rules on reporting activity apply.
To me the significance is that FMR was selling down the EXEL position per the last quarterly report. But that changed, presumptively after the November data release, and they bought a lot of shares 4.5M).
I think that is a confirmation of the significance of XL184.
Buy the dips.
I have an additional thought about you. If you are a professional sophisticated investor, what are you doing on this message board? Why don't you swim with the big fish? You remind me of an experience I once had with a larger than me school yard bully. One day I had enough and beat the crap out him in the boy's lavatory. He never said another word to me again. That is the only way to treat bullies. Get the message.
Obviously, the retail types, as you put it, are ignorant of the rules. They are not professional investors. Your condescension and rudeness is improper in this case and you should apologize for that display of arrogance. People here are trying gain knowledge and insight into their investments and you should respect them by answering their questions with some humility. I would love to get into some discussions with you in areas where I am an expert and see how you react when I ridicule your ignorance. You are a worm in my opinion.