Ann: Quarterly Activities Report, page-113

it's not management keeping negative information from the market.

if ALK is really thinking of taking CAI they think it is good thing (and may turn to be right) but the short sellers think it is not hence why they pile on the short side expecting the market to react with more selling.

also, it's not only someone could be selling due to being caught in bad position, but someone is also shorting (this is clear from the shorts data) which makes things worse as shorting is also selling. we could be witnessing two separate and perhaps unrelated events.

and here is another scenario - perhaps some smart rs picked on IG (for example) trying and failing to find buyer for block sale and is forced to sell on the open market so this person is shorting to make push the SP even lower and close at or near the bottom.
Mac wouldn’t do something like that would they? lol