Apple (AAPL) shares closed down $10.62, or 2.4%, at $439.88 this afternoon. ZeroHedge’s Tyler Durden points us to what appears to have been a “flash dump” in the closing moments of the market, noting a large block of $350 million worth of stock in the waning minutes of the session:
Unlike traditional flash crashes where the trade is an HFT error, or a few shares traded through the entire bid or offer stack, in this case it looks like a very premeditated unloading of some 800K shares (some $350 million worth) of AAPL in the last second, with the full knowledge it was shake the market. Why anyone would want (or wait until the very last second) to do that, while covering the offsetting ES short in the pair trade, to ramp the market into the close, is anyone’s guess.
You can see the gap down in the chart below:
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