RE:Over 16 million shares soldIf you look at the charts over the last few years, you can see that LMR has been in a long-term decline. Those who have been shorting the stock likely saw today's news as a good time to cash out their profitable positions and move on. Yes, the stock price might still have some short-term upside left on the news, but a major catalyst for that upside - short covering - has likely run, or has almost run its course.