Stop Loss orders perhaps? The problem with stop loss orders at the opening of the day is that if there is a gap in bid/ask prices (TKO $1.87/1.95) and the first trade is a gap down ($1.87); then all those stop losses in that gap get triggered and the gap gets filled with fresh sell orders.
It will look like people are actively panicking a bit when in reality it was just stop losses that triggered into the market. Others join in with fresh orders (currently 70k between $1.87-1.95), and the day, which should be a gain for TKO SP, starts off with a confusing drop.
Once all those orders in the gap get slowly bought up or withdrawn, we should see a gain today or over the next few days.
Just a theory ... any other thoughts from my friends in the cheap seats?