CNN was sold down early this morning aggressively with someone seemingly wanting out pretty quickly.
The stock fell to 10.5 bid 11.5 seller with the sales going through as low as 10.5 which interestingly was a crossing and only involved about 15000 shares.
Instead of creating sellling pressure which I thought it might strong buying appeared in the next 10 minutes with 500,000 bid at 11.
The stock didnt get hit at all at this level with new buyers coming in consistently through the day bidding 12 on the close .
More interesting was another crossing of 450,000 shares at 12 near the close with strong bidding remaining at 11,11.5 and 12 and the sellers slowly but surely getting eaten up.
The cnno which have 20c to pay expire in 9 months and have moved up from 1c last week to be going through at 2 and above in recent days .
Seems theres a lot of smoke billowing on this one.
I hold cnn
CNN Price at posting:
0.0¢ Sentiment: ST Buy Disclosure: Held
