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Enterprise Products Partners L.P. Message Board

  • kapadwala kapadwala Jan 6, 2012 11:52 AM Flag

    What happened?

    Why is this stock down more than 4%? I don't see any news.

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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.

    • Why is this stock down more than 4%? I don't see any news.

      There was a Post up by one of the board regulars with about 15 replys as to what happened but for some strange reason the Board Monitor must have thought it Subversive and it vanished. Something shady happened in my opinion and they don`t want people talking about it.

    • looked all over, can't find anything... only handfull of people that got holdings scalped w/ stop loss orders... looks like big fund (maybe etf) was selling and/or repositioning holdings... really don't know but i watched it crash and was frozen, did not buy, due to fear of mlp tax news or fracking restriction news... kicking myself now but hey, hindsight is always 20/20
      please post if you find out... gl

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