The Broken Market Chronicles: 200% Of Man United's Float Will Trade In A 10 Cent Interval Today
ALGOS!!!!!!!!!!!!!!!!!!!!!!!!!! ONLY ones making a buck
Submitted by Tyler Durden on 08/10/2012 - 14:29 None
With 26 million shares traded and two more exhausting market-making hours to go for MANU's underwriters, it is clear that more than double the 16.67 million share float will be 'rotated' at least twice and yet stay in a 10 cent interval (with well over 95% of that within a minute 5c interval). What is perhaps more stunning is the massive bid at exactly $14 - the IPO price - as if they will never learn. Of course there are buyers for every seller and many algos played all day but with a massively dominant bid soaking up any and all offers near $14.00, we suspect the underwriters of the MANU IPO are 'pulling-a-facebook' and onboarding whatever they have to. There has now been 9.5 million shares bid at $14.00 (and none asked) - more than half the float alone!It seems increasingly self-evident that IPOs are simply weath transfer mechanisms - no win-win - and that the value-add from 'stock exchanges' is rapidly converging to zero.
WHERE HAVE I HEARD THIS BEFORE???????????
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