Past few days, been commenting on ST re what I perceived as being lower liquidity in AC shares than what one would expect during 'panic' periods of selling. In other words, let's say the algos of hedge funds that want to scoop up  (buy) shares precipitate selling with a series of short orders, they usually have fairly complex algorithms predicting the numbers of shares they would scoop up, and buy at pre-set discounts during various periods of action. In effect, they are shorting shares, in order to make net buys (much larger volumes) at lower price.

I took the closing price of February 20 as the starting point. And accumulated the trading of February 21, 24, 25, and the 26th (till approximately 12:45 ET), to get a better sense of what I already knew intuitively. All of the data is from WSJ, in order to have a rational comparison. Trying to get data that includes a pile of 'out of sight exchanges' was not the purpose of this exercise.

Clearly, AC shares are less liquid than most of the other airlines. In other words, AC shares are the most challenging for the hedge funds to accumulate right now. I will let you draw your own conclusions. STICKINESS is an excellent sign for a stock, especially when there are unusual forces at play. Sticky stocks bounce back like fresh tennis balls, Mind you AC's buy back team needs a bit of time to make hay. For traders, and timers, can't really provide much input, but for serious shareholders, at this moment, let's watch to see how AC acts on the balance of the NCIB, as that alone now is worth $200 million in Cash savings. Let's see if a few more well heeled shorts can climb in and help AC save more :). Cheers!

Company Public Float (MM shares) Shares Traded (MM) % of Float Traded Close Price Feb 20 CAD or USD Price Feb 26 CAD or USD (12:45 ET) Price Discount %
AC 261.74 11.01 4.2% 44.45 36.95 16.9%
UAL 252.04 22.31 8.9% 79.91 67.9 15.0%
DAL 637.80 46.35 7.3% 58.38 50.2 14.0%
LUV 515.00 22.78 4.4% 56.94 49.13 13.7%
AAL 420.05 64.67 15.4% 28.51 22.76 20.2%