General Donlee Canada Inc GDIMF

RE:CIBC buying above $5.50

[misterlaser]

Someone with their finger on lots of money made a $10,000 mistake. It's rare for people with money to make mistakes because they turn into people with no money very quickly, but it does happen. The trader had intended to make a 1 cent turn on 100,000 shares now that the payout was certain. They took the $5.50 bid price and attempted to decrement it by one cent. However, such a simple calculation not requiring a calculator - or even a sharp mind - they alighted on $5.59 as being the answer. The bid of 100,000 shares was enough to sweep up the 12,600 shares on the book up to that price, and the remaining 87,400 sat there as a bid at $5.59. I noticed the bid, and I scrambled off to see if I had made a mistake about ex-dividend dates or something, but while I was away, someone smarter than me sold the fog-brained trader his 87,400 shares, and the excitement of the day was over. For the record, it lasted one minute and thirty-seven seconds.

However, I imagine the excitement is only just beginning for the fog-brained trader; he gave away the equivalent of a small family car this morning.