Morgan Stanley Selling today As we enter the last hour of trading today, Morgan Stanley accounts are the laregest net sellers, with 352,200 shares sold today out of a total volume of 1,251,000. These have been coming out in 100 or 200 share lots, so likely an Iceberg order that is showing a small amount on offer and continually updating as the orders close.
Given the Morgan Stanley accounts were long through January and February to the tune of over 4.7 million shares at an average acquistion price of $2.48, the attempt by some of these accounts to reduce their exposure at the $2.20 level again suggests that the confidence today that they will see a $2.61 buyout has fallen to the point they are taking, on average, a 28 cent per share loss.